Income tax coming next

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Jingles
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Re: Income tax coming next

Post by Jingles »

mister_coffee wrote: Sun Mar 26, 2023 6:37 am It seems to me that this state has a long tradition of voter activism where taxes that are unpopular are pretty rapidly voted down. We still have an initiative process.

So if people vehemently object to this tax they can do the work to get the signatures and put it to a vote.
Yea that voter initiative and voter activism works real well doesn't? How many more times do the voters tell the legislators $30.00 car tabs, maybe the third time will be a charm?
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Re: Income tax coming next

Post by mister_coffee »

It seems to me that this state has a long tradition of voter activism where taxes that are unpopular are pretty rapidly voted down. We still have an initiative process.

So if people vehemently object to this tax they can do the work to get the signatures and put it to a vote.
:arrow: David Bonn :idea:
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Re: Income tax coming next

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:!: The door for an income tax has been left ajar the legislators have their foot in the door and will figure out a way to leave it wide open and figure a way to implement it.

20mil for a pool? We would already have a pool had they built the HS as proposed in the original draft as the pool would of been under the retractable gym floor. The problem with a capital gains tax on the " very wealthy" is they will find a way to tax everyone regardless of income, now if they were to say a flat tax (of 15 - 20% of total income regardless of source) across the board would be more equitable as the wealthy would be paying more.

Yes the lotto was approved with it going for K - 12 schools but got moved to the general fund by out of control legislators that have total disregard for their constituents

A recreation District that ( as previously proposed) with no voter oversight is a disaster waiting to happen to land owners.

Build housing / tiny homes for workers? Where? Are People with a piece of property supposed to sell portions of their property (or have it claimed by immenent domain for the greater good") because they refuse to sell to accommodate the building of a subdivision on their property? Yet still maintain the atmosphere that many supposedly moved to the valley for?
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Re: Income tax coming next

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Absolutely. When the Rec. District levy comes up, I think this fall, it has to be voted down. Please.
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Re: Income tax coming next

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I would rather see $20 million in apartments or tiny homes for workers...
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Ray Peterson
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Re: Income tax coming next

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So say a Rec.District for a $20 million pool?

Capital gains on the very wealthy would help the coffers.
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Re: Income tax coming next

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Yeah... the $3500 on a $300K-250K gain is reasonable on the surface... but you know our legislature... once the door is cracked, they will keep pushing it open further and further... One day we will look back and say "What Happened?"

BTW, wasn't the lottery $$$ supposed to help pay for the K-12 schools? I seem to remember that as the advertisement... Wonder how much of that is currently diverted to other "programs"
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Re: Income tax coming next

Post by just-jim »

.
I’m ok with this, although, yes…it is a bit bizarre in how it twists the language.
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Traditionally, WA has had some of the most regressive taxes in the US, because our reliance on sales taxes - including gas tax, vehicle registration tax, etc - falls disproportionately on the poor. So, this is a kind of win there.
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7% on the gain ABOVE 250K means some one making a $300K profit will pay $3500 on it (300K-250K = 50, 000. 50,000 X .07 = 3500). If it doesn’t include IRAs, real estate, timber, livestock and small businesses - it is ALL about stock sales. And not many of us will have to worry about that, I’d bet. I may have some stock sales in the future, but I don’t think I’ll ever have to worry about a single $300,000 gain. If I ever do, a $3500 dent in $300,000 is sort of chump change.
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In that sense it does level the tax field, since a large portion of the income of VERY wealthy people does come from Capital gains, rather than traditional ‘income’.
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I’m not in favor of a rec district, that has general taxing authority, either. (Although, I might be talked into a specific tax… for say a pool….just maybe)
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Re: Income tax coming next

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Don't like the court ruling or the tax... It is an income tax... On capital gains EARNED over $250,000... Calling it an excise tax is pure Washington legislative bs.
Capital gains are generally included in taxable income, but in most cases, are taxed at a lower rate. A capital gain is realized when a capital asset is sold or exchanged at a price higher than its basis. Basis is an asset's purchase price, plus commissions and the cost of improvements less depreciation.
Interesting as the WA tax only addresses long term capital gains (held 1 year or more as defined by the IRS)... Excludes IRA/Roth/401K... Real estate and other stuff also... Check the law

It does not address short term capital gains... Day traders and Swing traders buy/sell gains daily/weekly/monthly are all usually short term gains and would thus be excluded from the tax as I read it... Strange.


I am not in favor of the open ended "recreation district" taxing potentials either.
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Ray Peterson
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Re: Income tax coming next

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Glad to be in the Methow and this state. Our weather doesn't seem as bad as the rest of the country, either. However, another tax that may affect us is the formation of a Recreation District. Tried once before, but it failed.
The penalty for being a property owner. If there is going to be a Rec District, everyone should pay. But I am not in favor of a Rec. District.
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Re: Income tax coming next

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It's such a terrible state that it ranks #1 in the US

https://www.usnews.com/news/best-states/washington
Jingles
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Income tax coming next

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Even though the state constitution basically prohibits an income tax the liberals will find a way to circumvent the state constitution.

State Supreme Court breaks precedent, opens door for state income taxes
SEATTLE - The Washington State Supreme Court broke with nearly a century of precedent and allowed the income tax on capital gains to stand. Previously, the clear language of the state constitution allowed only a uniform income tax capped at 1 percent. In allowing the income tax on capital gains, the state high court has distorted the clear language of the state constitution which prohibits graduated taxes on anything subject to ownership, including income.

“Today’s ruling is unreal. The State supreme court agreed with lawmakers that Washington has discovered the first standalone excise tax on capital gains income on the planet. Every other tax jurisdiction in the world, from the IRS, to every other state, to other countries will tell you the same thing – capital gains are income and taxes on them are income taxes," explained Jason Mercier, Washington Policy Center's Center for Government Reform Director. "With this ruling, the rules surrounding income taxes in Washington are now unclear. What will be the next type of income tax to be redefined by lawmakers? It is up to the voters now to respond.”

49 other states and the IRS already recognize that capital gains taxes are income taxes. Today's decision will make Washington state the only state to define capital gains taxes as excise taxes and opens the door to the introduction of other income taxes as well.

“This ruling undermines Washington state’s competitive status making it harder for our state to attract, retain, and grow jobs and economic opportunity,” said Mike Gallagher, President and CEO of Washington Policy Center (WPC). “This decision is a loss for our state. The one-of-a-kind tax created by the law is a volatile source of revenue for the state at best and a surefire gateway for more income taxes to come. Experience shows that the income they seek will rapidly move to states where investment is welcome. Texas and Florida won today.”

It really is time to get out of this f-ed up state, between a governor that thinks he is king and commissioner for WDFW that have no concept of following the science of game mState Supreme Court breaks precedent, opens door for state income taxes
SEATTLE - The Washington State Supreme Court broke with nearly a century of precedent and allowed the income tax on capital gains to stand. Previously, the clear language of the state constitution allowed only a uniform income tax capped at 1 percent. In allowing the income tax on capital gains, the state high court has distorted the clear language of the state constitution which prohibits graduated taxes on anything subject to ownership, including income.

“Today’s ruling is unreal. The State supreme court agreed with lawmakers that Washington has discovered the first standalone excise tax on capital gains income on the planet. Every other tax jurisdiction in the world, from the IRS, to every other state, to other countries will tell you the same thing – capital gains are income and taxes on them are income taxes," explained Jason Mercier, Washington Policy Center's Center for Government Reform Director. "With this ruling, the rules surrounding income taxes in Washington are now unclear. What will be the next type of income tax to be redefined by lawmakers? It is up to the voters now to respond.”

49 other states and the IRS already recognize that capital gains taxes are income taxes. Today's decision will make Washington state the only state to define capital gains taxes as excise taxes and opens the door to the introduction of other income taxes as well.

“This ruling undermines Washington state’s competitive status making it harder for our state to attract, retain, and grow jobs and economic opportunity,” said Mike Gallagher, President and CEO of Washington Policy Center (WPC). “This decision is a loss for our state. The one-of-a-kind tax created by the law is a volatile source of revenue for the state at best and a surefire gateway for more income taxes to come. Experience shows that the income they seek will rapidly move to states where investment is welcome. Texas and Florida won today.”

It really is time to get out of this f-ed up state between a governor that thinks he is king and Wdfw commissioner that refuse to follow the science of game management there is little hope for this cesspool they cal WA.
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