1933 decision looms over WA 'millionaires tax' - The Seattle Times
The Bottom Line
A 1933 court ruling is central to the legal challenge against Washington state's new capital gains tax.
How This Affects You
If the tax is upheld, Washington residents with capital gains over $250,000 will pay a 7% state tax on those earnings.
A 1933 Washington State Supreme Court ruling is a significant factor in the legal challenge against Washington's new capital gains tax, according to The Seattle Times. Opponents of the tax argue it functions as an income tax, which the 1933 ruling declared unconstitutional under the state's uniformity clause. Proponents contend it is an excise tax, falling outside the scope of that precedent. The outcome of this legal battle will determine the future of the state's capital gains tax and could influence future tax policy.
What's Being Done
Actions, solutions, and how to get involved
The Washington State Attorney General's Office is defending the capital gains tax in court, arguing it is an excise tax, while opponents, including conservative groups and business associations, have filed lawsuits challenging its constitutionality based on the 1933 ruling. The Washington State Supreme Court is reviewing the case, with a decision expected to clarify the tax's legality. Citizens can contact their state legislators to express views on tax policy or support organizations involved in the legal challenge.
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