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(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 ...
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 ...
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 ...
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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.
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
Washington is one of nine states without an income tax, and its heavy reliance on sales and fuel taxes to pay for schools, roads and other public expenses falls disproportionately on low-income ...
Living in the 9 States With No Income Tax: Pros and Cons. Some states generate revenue through income taxes, while others don't. If a state doesn't collect income tax, it probably has higher taxes on gas or property.