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UncommonSense12345 t1_jdns7h6 wrote

Reply to comment by Unique_Engineering_3 in Washington Supreme Court upholds new capital gains tax by Bozzooo

How is a capital gains tax not a tax on income? The irs has ruled it to be so, along with every other state…. It’s political pretzel twisting to get a tax they want passed regardless of whether it is legal or not

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Unique_Engineering_3 t1_jdnsxiz wrote

My basic understanding is that the SCoWA ruling determined that The tax is a excise on the sale capital assets and not the assets or gains themselves.

Basically it’s effect is the sand as a capital gains tax but it’s a excise tax—on capital gains.

For ≈1000 people in this state, that subtle difference matters. For everyone else… it’s business as usual.

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