The Washington Supreme Court’s decision Friday – more than a decade after that early proposal – upheld the new 7% tax on profits from the sale of bonds and stocks above $250,000 as an excise tax and not a tax on income.
This decision will reshape the conversation in Olympia about how to fund state government – and who should pay for it. Budget writers in the Democratic-controlled Legislature have already factored in the $500 million expected annually from the capital gains tax into the new state budgets being written this spring. The new tax dollars are intended to go toward child care and early-learning programs.
But how the ruling
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