A challenge to Washington's capital gains tax continues to move through the legal process.
Is Washington’s capital gains tax an excise or income tax? That’s the question that could soon be presented to the state Supreme Court, and which two University of Washington experts debated over on Thursday night.The state’s capital gains tax was approved by state lawmakers in 2021, imposing a 7% tax on capital gains above $250,000 for all to bring in an estimated $415 million in 2023, its first year.
Under existing court precedent, the state defines income as property, making it a violation of the state’s constitution to tax either at a graduated rate. Speaking duringSpitzer pointed to how Washington’s definition of an excise tax gets around that mandate. Essentially, an annual tax on property owned by someone in Washington falls under the “income tax” umbrella. But when that property is sold, the money from that sale is levied as an excise tax based on a separate decades-old state Supreme Court ruling.
Taking issue with that position was UW tax law professor Scott Schumacher, who believes that the capital gains tax is unconstitutional.“The way it’s measured how it’s reported, the various deductions and exemptions, make it seem more like an income tax than an excise tax,” he posited.
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