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Passed by the 2021 state Legislature and signed into law by Gov. Jay Inslee, Senate Bill 5096 created a 7% tax on any gain in excess of $250,000 – now $262,000 as the floor is tied to inflation ...
The tax was created by the passage of Senate Bill 5096 in 2021, ... "That goes to show how much wealth we have here in Washington state." ... The state constitution bans a state income tax except ...
In March 2022, a Douglas County Superior Court judge sided with the plaintiffs ruling that the tax was an income tax [31] and therefore unconstitutional in Washington State. This ruling was overturned by the Washington State Supreme Court in March 2023, which ruled that the tax was an excise tax, rather than an income tax. [24]
The 2021 budget proposal included a proposed 9% tax on capital gains, something Democrats in the state legislature had sought to pass in previous years but has lacked the votes to pass. [7] The proposed tax was first introduced into the state Senate, with a first reading and referral to the Ways & Means committee occurring on January 11th, 2021 ...
This table lists the tax revenue collected from each state, plus the District of Columbia and the territory of Puerto Rico by the IRS in fiscal year 2019, which ran from October 1, 2018, through September 30, 2019.
But in a 5-4 decision the following year, the state Supreme Court struck it down, ruling that a tax on income was a tax on property — and the state Constitution says property taxes must be ...
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