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Supporters of repealing the capital gains tax warned that it was a stepping stone to subverting Washington's ban on income taxes. The capital gains tax levies a 7% tax on the sale or exchange of ...
(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 ...
Inslee’s solution included a new wealth tax, which he estimates could generate over $10 billion over four years and a temporary 20% surcharge for businesses marking over $1 million annually ...
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.
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 ...
Property tax was the first tax levied in the state of Washington and its collection accounts for about 30% of Washington's total state and local revenue. It continues to be the most important revenue source for public schools , fire protection, libraries , parks and recreation, and other special-purpose districts.
A measure establishing an income tax for the purposes of funding the state budget, removing the property tax that previously funded the budget, and establishing a program to handle the administration of the tax [50] Passed [51] 322,919 (70.21%) 136,983 (29.79%) Senate Joint Resolution 11
Harris, meanwhile, has signaled a different tax approach — only pushing to extend cuts for those making less than $400,000 a year alongside a new expansion of things like the child tax credit ...