Legislators Intend to Force an Income Tax By Calling it an Excise Tax.
By Cindy Alia, April 2, 2019
With typical double speak these House Democrats Jinkins, Tarleton, Sullivan, Ormsby, Bergquist, Robinson, Senn, Appleton, Dolan, Frame, Macri, Pollet, Thai, Tharinger intend to force an income tax on your future earnings by calling it an excise tax
Here is what they are calling it: Investing in quality prekindergarten, K-12, and postsecondary opportunities throughout Washington with excise taxes on sales and extraordinary profits of high valued assets.
Extraordinary?! Who gets to decide that, and will that decision be "fluid" as so many things are to these people?
Here is how they plan to do it:
"Beginning January 1, 2020, a tax of 9.9 percent is imposed on the adjusted capital gains of an individual for the privilege of selling or exchanging long-term capital assets or receiving Washington capital gains. This tax is in addition to any other taxes imposed by state and local governments. This tax also applies to beneficial owners who are individual owners of long-term capital assets held by a pass-through or other disregarded entity, to the extent the individual's ownership interest in the entity is reported for federal tax purposes."
Why do Washington State Democrats consider selling your assets a privilege and not a right?
Call and register your opinion directly with your representative, or use the 800 562 6000 legislative hotline.
There is a public hearing on April 4, and an apparent decision to rush this through with a scheduled executive hearing on April 5.
There is time to register your opinion on this bill by calling 800 562 6000 and providing the bill number 2156.