Income tax proposal - WA legislature tries it again.

Washington State does not have an income tax, but that has not stopped our greedy legislature from trying to enact an income tax for years. They are back to take our livelihood again.

SB 5096 -  Proposes an excise tax on gains from the sale or exchange of certain capital assets.  (An excise tax on income is a mealy mouthed way of saying "income tax.")

SB 5096 implements a 9% Capital Gains tax including a residential dwelling with more than four units. This includes commercial office buildings, manufactured housing, condominiums, self-storage, retail, and floating homes.

The tax applies to individuals earning over $25,000, and couples earning over $50,000 annually.

This would be a new state tax, in addition to the federal capital gains tax.

Email your legislators and tell them no new taxes.  We are still trying to recover from the economic catastrophe of COVID.  Stay out of our pockets.

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Click this link:

https://app.leg.wa.gov/CSIRemote/Senate

For Committee choose Ways and Means

For Meetings choose 1/14/21 4:00 pm

On the next page select SB 5096 Capital Gains Tax

Click I would like my position noted for the legislative record

On the next screen, choose your position (CON) for OPPOSE

Fill in the rest of the information requested. 

Once you Submit, you will get this message:

Thank you for your submission. Your information will be included in the legislative record for bill and meeting archival purposes.