Capital gains tax not 'excise' tax
Last updated 2/9/2023 at 10:11am
Last week, the state Supreme Court heard oral arguments concerning the capital gains income tax. I attended the hearing in person.
It is unclear when the court will issue its opinion. The capital gains income tax is first owed on April 18, 2023. There are three possible rulings the court could issue.
One possible outcome is for the state Supreme Court to catch the Hail Mary pass thrown by income tax advocates and by judicial fiat now allow a graduated income tax without a constitutional amendment. This is the preferred course of the Washington Education Association teachers union and othe...