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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]
[1] [2] The initiative would have repeal SB 5096, which created a 7% capital gains tax on the sale of long-term capital assets (i.e. stocks, bonds and business interests) worth more than $250,000 in Washington state since 2021. Real estate sales are already exempt from the tax. [1] [3]
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This tax may be imposed on real estate or personal property. The tax is nearly always computed as the fair market value of the property, multiplied by an assessment ratio, multiplied by a tax rate, and is generally an obligation of the owner of the property. Values are determined by local officials, and may be disputed by property owners.
(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 ...
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 ...
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 ...
Pages in category "Unincorporated communities in Clark County, Washington" The following 6 pages are in this category, out of 6 total. This list may not reflect recent changes .