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Unique_Engineering_3 t1_jdns09l wrote

Reply to comment by UncommonSense12345 in Washington Supreme Court upholds new capital gains tax by Bozzooo

I’m aware of the WA constitution arguments, I’m not sure they’re accurate here. The SCoWA ruling appears to indicate the judges didn’t think it was valid in this case on this topic.

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UncommonSense12345 t1_jdns7h6 wrote

How is a capital gains tax not a tax on income? The irs has ruled it to be so, along with every other state…. It’s political pretzel twisting to get a tax they want passed regardless of whether it is legal or not

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Unique_Engineering_3 t1_jdnsxiz wrote

My basic understanding is that the SCoWA ruling determined that The tax is a excise on the sale capital assets and not the assets or gains themselves.

Basically it’s effect is the sand as a capital gains tax but it’s a excise tax—on capital gains.

For ≈1000 people in this state, that subtle difference matters. For everyone else… it’s business as usual.

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