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Tuesday, May 12, 2015

New tax proposals

The Washington State House Democratic Party have insisted on substantial increases in taxes, increases of at least 33%, over the next 10 years.  What follows is the short list of their proposed tax increases.

Income tax 1

6114 SB  would impose a Personal Income Tax.  The financial impact would be a tax burden of $ 69,693,000,000 over the next ten years.  The state claims sales tax would be reduced and property tax would be eliminated.

There is presently no information of how much the sales tax would be reduced or how special levies on property valuations would be affected, or when a public hearing will be scheduled.

Income tax 2

HB 1484 would enact an excise tax on capital gains.  The proponents of this bill say it would increase fairness in taxation. 

An excise tax on income from any source allows the legislature to redefine all income as subject to excise tax.  HB 1484 is merely a backdoor attempt to impose a general income tax.

The estimated increase in tax burden of this bill, if left unmodified, is $8,381,000,000 over a ten year period.

HB 1484  is scheduled for a hearing on Wednesday, May 13 at 1:30 p.m. in the House Finance Committee at the John L. O'Brien Building, House Hearing Rm A, Olympia, WA

Carbon tax

SHB 1314, which would implement a carbon pollution tax is scheduled for a public hearing by the House Committee on Appropriations.

May 14 at 1:00 p.m.  (Subject to change by the Legislature.), at the John L. O'Brien Building, House Hearing Rm A, Olympia, WA

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