Inslee's proposal is an income tax
Last updated 12/31/2020 at 1:17pm
Despite the budget being balanced, billions in reserve, and projected revenue growth of 7.2%, Gov. Jay Inslee is yet again proposing an income tax on capital gains in his new budget. The Governor, however, claims that this type of tax isn’t an income tax. What does he know that the IRS and every other state across the country doesn’t?
IRS: “You ask whether tax on capital gains is considered an excise tax or an income tax? It is an income tax. More specifically, capital gains are treated as income under the tax code and taxed as such.”
Nonpartisan legislative staff: “Most states do...