Who’s For, And Against WA Capital Gains (income) Tax? Find Out
According to information released by the Washington Policy Center, there are parties on both sides of the issue.
Here's a look at who wants, and who's against capital gains tax
A capital gains tax is money derived from the sale of stocks, investments, large-ticket items (boats, etc) real estate, and other similar possessions. Because it results in 'income' for the seller, even the IRS considers it as income.
And, income taxes are prohibited by the WA State Constitution.
The WA State legislature Democrats pushed through the tax because it could open loopholes to eventually get Gov. Inslee's 'holy grail'--a state income tax.
Jason Mercier of the Washington Policy Center has compiled a list of those who have filed amicus briefs, or friend of the court, statements. A friend of the court is someone who wishes to 'join' in supporting one side or the other in a lawsuit. They do not, however, have any standing in the issues.
Some of those who favor a capital gains tax include:
- The Washington State Labor Council
- SEIU (Service Employees International Union)
- Some WA state educators (teachers)
- 'racial equity' groups
Groups who have filed 'friend of the court' briefs against the tax include:
- BIAW (Building Industry Association of WA)
- Washington Retail Association
- The Association of Washington Business
- Technology Network
- Ethnic Chamber of Commerce Coalition
- Washington Policy Center
The court will hear oral arguments on the case in January 2023.
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