The state Supreme Court has failed Washingtonians by agreeing to uphold the constitutionality of the capital gains tax. This is yet another way for the government to overreach and money grab from hardworking Americans who chose Washington as their home.
The tax (being touted as an “excise tax”) is expected to bring in an additional $500 million in revenue. The Legislature plans to use the revenue to fund early childhood education programs. If my memory serves correctly, property owners pay property tax to fund education. It is a bait-and-switch by Democrats to squeeze more money from you. But wait, you are only taxed if you collect more than $250,000. For a state that rams “fairness and equitability” as a regular talking point, leadership is missing the mark. Democrats need to refer back to their message on equity.
As the story goes, taking small bites of the apple will get you closer to the core. This decision is the first step in getting deeper into the pockets of hardworking Washingtonians, regardless of class. Prediction: Once the dollars start to flow, a change in the plan will occur.
