WA Groups Push Supreme Court to Hear Capital Gains Tax Case
Two watchdog groups have filed an amicus brief with the Supreme Court, asking they review the capital gains tax in WA, which violates the state constitution.
State Supreme Court already upheld the tax, but...
The Washington state constitution stipulates income taxes are unconstitutional. Numerous times voters have rejected attempts to adopt such a tax. The recent capital gains tax, even according to the IRS, is unconstitutional.
Capital gains, even for the IRS, are considered income, therefore the tax is illegal. However, in a controversial interpretation the State Supreme Court upheld it.
A number of high-powered business groups have also joined the brief. The Capital Gains tax places a 7% tax on the sale of items valued at $250,000 or higher, such as boats, investment stock, homes, and other high-ticket items.
Even the IRS, when asked by groups opposing the tax, has said they considered capital gains to be income.
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