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The tax collected more than $890 million in revenue in its first year, [23] significantly exceeding the approximately $500 million in revenue initially projected. [24] The Department of Revenue projects the tax will bring in over $5 billion over the next 6 years. [25] Fewer than 4000 people pay the tax, [3] and 85% of the revenue comes from ...
(The Center Square) – A general income tax in Washington state appears to be off the table for now, even as voters retained the state’s capital gains tax by failing to pass Initiative 2109 on ...
Seattle City Councilmember Cathy Moore is proposing a local 2% capital gains excise tax that would be applicable to non-retirement financial gains over $250,000. ... the state capital gains tax ...
A Nov. 2024 report from the state Washington State Department of Revenue on a potential wealth tax noted, “Even with updated income, forecasts, and other data points, the fiscal model cannot ...
Excise taxes on tobacco raised $12.4 billion in fiscal year 2020. [2] The tax equals $1.01 per pack of 20 of cigarettes. Federal excise tax revenue from tobacco products peaked in fiscal year 2010 at $17.2 billion after the increase in tobacco product tax rates in the Children's Health Insurance Program Reauthorization Act of 2009. This tax ...
Rather, different types of businesses are taxed at different rates, depending upon their classification by the Washington State Legislature and the Washington State Department of Revenue. [3] [4] Service industry businesses have the heaviest tax burden, with a tax rate of 1.5%, more than triple the other major classifications.
Sound Transit's primary revenue sources, sales tax and the motor vehicle excise tax, began to decline in late 2008 as a result of the ongoing economic recession. [175] By late 2010, the agency expected that it would have a shortfall of $3.9 billion (equivalent to $5.32 billion in 2023 dollars) [ 46 ] through the lifetime of the ST2 program ...
For an excise tax to generate the same revenue as a dividend, a rate on buybacks should be “probably somewhere in the neighborhood of 10% to 12%,” he found.