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Prior to the passage of the capital gains tax, Washington State had the most regressive tax system of any state in the US. [9] The wealthiest 1% paid just 3% of their income in state taxes, while the poorest 20% paid 17.8%. [10] Advocates had long proposed a capital gains tax in order to help reduce this gap.
Any tax-exempt use property. [19] Any tax-exempt bond-financed property. [20] All property used predominantly in a farming business and placed in service in any tax year during which an election not to apply the uniform capitalization rules to certain farming costs is in effect. [21]
Motor Vehicle Manufacturers Association v. State Farm Mutual Automobile Insurance Co., 463 U.S. 29 (1983), commonly known in U.S. administrative law as State Farm, is a United States Supreme Court decision concerning regulations requiring passive restraints in cars.
If the capital gains tax is found to be an “excise tax,” Washington would be attempting to tax activity that occurs in other states. It is important to remember that no other state has a ...
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The state of Washington is one of only seven states that does not levy a personal income tax. The state also does not collect a corporate income tax or franchise tax. However, Washington businesses are responsible for various other state levies. One tax Washington charges on most businesses is the business and occupation tax (B & O), a gross ...
The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.
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