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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 ...
(The Center Square) - Senate Democrats are asking their peers to help “spread that tax policy love around” as they hope to close a $16 billion shortfall with new taxes in a leaked email on Friday.
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
Once again, a taxpayer challenged the legality of the income tax. In Pollock v. Farmers' Loan and Trust Company (1895), [2] Charles Pollock sued the corporation in which he owned stock, contending that the corporation should never have paid the income tax because the tax was unconstitutional. In this case, the tax was paid on income from land.
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 ...
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 ...