explanade
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- Joined
- May 10, 2008
- Messages
- 7,478
Real estate and certain retirement accounts are exempted; gains from sales of a qualified family businesses appear to be exempted.
My view as an ex-resident (who still has property there)
I believe this tax will take in less than they expect, because people will be able to optimize around it. The truly rich will set up entities/trusts in another state while others will plan their CG around the rather high limit. The only people getting stung will be those where the cost of the workaround is higher than the tax paid. However, the tax lawyers and CPAs can rejoice.
Thought this was interesting, presenting the various amicus briefs filed in support and against the law (including links to the briefs)
https://www.washingtonpolicy.org/pu...ary-of-capital-gains-income-tax-amicus-briefs
Seems like they're targeting employees of Microsoft and Amazon who have a lot of gains from stock.
I'm surprised WA has no income tax.
So sales and property taxes must be high?
I thought it was a common thing for people to cross the border into Oregon to buy stuff to avoid sales taxes.