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The Washington State cap and invest program was established in 2021 by the Climate Commitment Act (CCA). It combines a cap and trade system with a program to directly invest the generated revenue into addressing climate change.
Its session laws are published in the Laws of Washington, which in turn have been codified, compiled, and/or consolidated in the Revised Code of Washington (RCW). [1] Both are published by the Washington State Statute Law Committee and the Washington State Code Reviser which it employs and supervises.
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.
The Revised Code of Washington (RCW) is the compilation of all permanent laws currently in force in the U.S. state of Washington. [1] Temporary laws such as appropriations acts are excluded. It is published by the Washington State Statute Law Committee and the Washington State Code Reviser which it employs and supervises. [2] [3]
The law was created "to combat illicit activity including tax fraud, money laundering and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in ...
For this year, if you had more than $5,000 in gross business transactions on a given app or platform, then you, the IRS and your state tax department should all receive a 1099-K reflecting that.
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