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Posted: 4/27/2021 12:09:23 PM EDT
I was just reading some items that passed through the WA Senate and House.. and one popped out, SB 5096.  
Is this a income tax?  WTF if it is and why hasn't anyone been speaking up about it?
Link Posted: 4/27/2021 12:28:35 PM EDT
Is SB 5906 the tax on capital gains?

Well the courts will decide if that Is an income tax or not?

Certainly starts the ball rolling that way IMO
Link Posted: 4/27/2021 4:36:08 PM EDT
Plain Language Explanation of the Capital Gains Tax in WA

From the above:

“The first $250,000 of capital gains are excluded from the state CGT. However, for married couples filing separately and registered domestic partners filing separately, the combined standard deduction is limited to $250,000. Beginning with taxes due and payable in 2024, the $250,000 amount is adjusted annually by inflation.
Sales or exchanges of some capital assets are explicitly excluded from the state CGT, including:
• all real estate—land and structures;
• interests in a privately held entity to the extent any long-term capital gain or loss is
directly attributable to the real estate owned directly by the entity;
• assets held in a retirement account;
• assets transferred as part of a condemnation proceeding;
• livestock related to farming or ranching;
• certain types of property used in a trade or business such as machinery and equipment
that have been immediately expensed;
• capital assets acquired and used only for purposes of a trade or business of a sole
proprietorship;
• timber and timberlands;
• commercial fishing privileges; and
• goodwill received from the sale of a franchised auto dealership.
Link Posted: 4/27/2021 9:16:49 PM EDT
Washington State currently has two state income taxes. They’re called “payroll taxes” but are deducted from your income.

The first started automatic deductions in 2019 for the WA Family Leave Act or some shit. It totals .4% of your income.

The second is the upcoming Long Term Care Tax. It will hit .58% of your income. It starts 1 Jan 2022. This a big scam for anyone currently under the age of around 45-50 and/or making more than around $58,000 a year. The maximum lifetime payout for this “benefit” is $36,500.
Link Posted: 4/27/2021 11:24:03 PM EDT
Can someone tell me when that capital gains tax would take effect? Pisses me off that they're doing this - but it's part of the program with these retards.
Link Posted: 4/28/2021 12:20:53 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Spacejunk:
Can someone tell me when that capital gains tax would take effect? Pisses me off that they're doing this - but it's part of the program with these retards.
View Quote


Always consult with a qualified tax professional, however the CGT is not due until April 2023 for tax year (calendar year) 2022,
Link Posted: 4/28/2021 9:29:37 AM EDT
Don't forget, the current administration is trying to raise the Federal Capital gains tax by almost double.
Link Posted: 4/28/2021 3:09:20 PM EDT
[Last Edit: 4/28/2021 3:10:26 PM EDT by JEL]
Right now it’s only for the “wealthy” but you know the shitsticks will lower that bar so far anyone who has more than 25 cents to their name will be taxed on that, just like here in kommifornia

Both People’s Republiks have never seen a tax or regulation they don’t like
Link Posted: 4/28/2021 9:08:28 PM EDT
[Last Edit: 5/1/2021 3:24:04 AM EDT by Master_Blaster]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Kubota3430:
Is SB 5906 the tax on capital gains?

Well the courts will decide if that Is an income tax or not?

Certainly starts the ball rolling that way IMO
View Quote


It's already been settled for years in state state & federal court. Cap gains = income, & IRS defines it as such. There's no "debate" on the issue. The state constitution says all taxes must applied uniformly, so there's no way it can be limited to a class of income earners, because that is unconstitutional. The promoted framework was a lie to keep the uninformed public from blowing up switchboards & flooding email boxes. They know exactly what they're doing.

By the time the legal dust settles, the tax will either be struck down - with all proceeds being retained by the state, of course - or the law will be amended to apply to ev-ry-one, & then the dumb public will bitch & moan, then say "oh well" & submit, like they always do. The idiocrat majority knows this, & banks on it. Literally.
Link Posted: 4/28/2021 9:13:24 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By twodeucetrey:


Always consult with a qualified tax professional, however the CGT is not due until April 2023 for tax year (calendar year) 2022,
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By twodeucetrey:
Originally Posted By Spacejunk:
Can someone tell me when that capital gains tax would take effect? Pisses me off that they're doing this - but it's part of the program with these retards.


Always consult with a qualified tax professional, however the CGT is not due until April 2023 for tax year (calendar year) 2022,

Any gains made this year won't be affected by this?
Link Posted: 4/28/2021 11:09:21 PM EDT
[Last Edit: 4/28/2021 11:10:19 PM EDT by twodeucetrey]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Spacejunk:

Any gains made this year won't be affected by this?
View Quote


Per Section 5 of ESSB 5096 as passed by the legislature of Washington State:  "Sec.  5.   TAX  IMPOSED. (1)  Beginning  January  1, 2022, an excise tax is imposed on the sale or exchange of long-term capital assets."

ETA:  All 17 pages of ESSB 5096 if you need bedtime reading
Link Posted: 4/30/2021 2:56:12 AM EDT
I think a lot of people think that an income tax is not constitutional in WA, but it certainly is. What is not allowed however is a “progressive” income tax like the federal income tax (the more you make the higher the rate, etc.). As long as the income tax is “flat”, it isn’t unconstitutional.

We actually have quite a few income taxes now. As a matter of fact, they just passed another income tax in Oly (long term care insurance, 0.58% on all wages, no minimum, no cap, paid by the employee 100%...). That’s about $50/month for the $100k job everyone has....

What will trip up the capital gains tax is the “$249,999 deduction”, meaning the tax is not applied equally.
Link Posted: 5/15/2021 3:31:15 PM EDT
The fun will be can the state get access to the federal income tax forms to see who executed a transaction over the limit.  Foresee many being unwilling to voluntarily file a tax form with the state.
Link Posted: 5/15/2021 11:20:43 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Scollins:
I think a lot of people think that an income tax is not constitutional in WA, but it certainly is. What is not allowed however is a “progressive” income tax like the federal income tax (the more you make the higher the rate, etc.). As long as the income tax is “flat”, it isn’t unconstitutional.

We actually have quite a few income taxes now. As a matter of fact, they just passed another income tax in Oly (long term care insurance, 0.58% on all wages, no minimum, no cap, paid by the employee 100%...). That’s about $50/month for the $100k job everyone has....

What will trip up the capital gains tax is the “$249,999 deduction”, meaning the tax is not applied equally.
View Quote


Yeah I mentioned the .58% LTC tax earlier in this thread. I was surprised no one followed up on it until you just here.

What’s interesting about the LTC tax is that one can opt out and you don’t even have to prove you have LTC. Also, the way the opt out wording is worded, many people could use life insurance and long/short term disability insurances (provided by many employers) as the means to opt out.

*Everyone* should be consulting the insurance providers to see if it is valid for them.

I did for my wife insurances and my insurances that we’ve had for years. Both employer provided and non-employer. We’re fine with what we have.
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