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The tax has been paid by a total of 3,354 individuals, with the top 10 tax payers comprising 56% of the total amount of taxes paid to date. [26] The state Office of Financial Management estimates that a repeal of SB 5096 would cut about $833 million dollars in anticipated tax revenues from the projected 2025 budget. [ 27 ]
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 ...
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 ...
Following $67.5 million in sales/excise tax revenue during the first full year of legal sales along with a change in the regulatory tax structure to a single 37% retail rate, the state's Economic and Revenue Forecast Council estimated in 2015 that annual marijuana tax revenues would rise several-fold, reaching $369 million by the 2019 fiscal year.
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 ...
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. ... on the loss of tax revenue ...
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.
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 ...