The battle over Washington's capital gains tax is headed straight to the state Supreme Court. Full story from HannaKIROFM:
There was never any doubt a recent Douglas County Superior Court Judge’s ruling that shot down the state’s new capital gains tax would be appealed – the only question was whether that would follow a traditional path or circumvent the state appeals court and go straight to the state Supreme Court.for direct review with the state Supreme Court.and the first lawsuit was filed before Governor Inslee even signed it.
Specifically, he pointed to the fact that ESSB 5096 imposes a 7% tax on capital gains over $250,000 but no tax on gains below that threshold as violation of the uniformity requirement, and said it violated the limitation requirement by imposing a 7% tax, higher than the 1% maximum tax rate on property of 1%.
“There’s a great deal at stake in this case, including funding for early learning, child care programs, and school construction,” Ferguson said “Consequently, we will continue defending this law enacted by the peoples’ representatives in the Legislature.”
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