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(The Center Square) – Last month, outgoing Washington state Gov. Jay Inslee proposed a 1% tax on an individual’s wealth above $100 million as part of a plan to plug a projected budget ...
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 ...
In checking with the county assessor in Spokane, Volz said there are currently about 3,000 people out of 230,000 tax parcels who are helped by DOR rules that allow exemptions and deferrals.
Analyses bound for the state’s voter pamphlet examine the financial effects of Initiative 2109 and Initiative 2117 passing this fall.
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.
Washington v. Association of Stevedores, 435 U.S. 734 (1978) was a Supreme Court case in which the court held that the State of Washington's business and occupation tax, which may affect interstate commerce, does not violate the Commerce Clause, thus enabling the states to "under appropriate conditions, tax directly the privilege of conducting interstate business."
According to a Congressional Liaison for the IRS, if the capital gains tax is upheld as an “excise tax,” taxpayers may be prevented from deducting it against their federal income tax returns.
The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.