Good news: US Supreme Court will not review Washington state’s capital gains tax. WA will continue to collect the tax, which "went into effect in 2022 and brought in nearly $900 million last year, greatly exceeding original projections."
"The first $500 million collected goes toward education and child care programs, while the remainder is designated for school construction projects."
WA state has no income tax.
The law imposes a 7% tax on profits over $250,000 from the sale of assets including stocks, bonds, and mutual funds. This means that if someone made profits of $300,000 from selling stocks, they would pay 7% in taxes on $50,000 of those profits.
https://www.msn.com/en-us/news/politics/washington-state-s-capital-gains-tax-stands-as-us-supreme-court-declines-to-hear-appeal-of-law/ar-AA1n4s5V
Shannon Skinner (she/her) /
npub18u…093wf
2024-01-17 21:09:44
Author Public Key
npub18udnqdmkuvef4wqkepxx0mkf9uu78h25r0tqxrl4xzdq2hlv98ks6093wfPublished at
2024-01-17 21:09:44Event JSON
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"content": "Good news: US Supreme Court will not review Washington state’s capital gains tax. WA will continue to collect the tax, which \"went into effect in 2022 and brought in nearly $900 million last year, greatly exceeding original projections.\" \n\n\"The first $500 million collected goes toward education and child care programs, while the remainder is designated for school construction projects.\"\n\nWA state has no income tax. \n\nThe law imposes a 7% tax on profits over $250,000 from the sale of assets including stocks, bonds, and mutual funds. This means that if someone made profits of $300,000 from selling stocks, they would pay 7% in taxes on $50,000 of those profits.\n\nhttps://www.msn.com/en-us/news/politics/washington-state-s-capital-gains-tax-stands-as-us-supreme-court-declines-to-hear-appeal-of-law/ar-AA1n4s5V",
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