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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]
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 ...
(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. ... on the loss of tax revenue ...
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.
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 ...
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.