Washington state approves capital gains tax
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Washington state approves capital gains tax
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Re: Washington state approves capital gains tax
#2Washington state, not DC.
Re: Washington state approves capital gains tax
#3Details are sparse in this article. Looks like 7% capital gains tax, first $250K excluded, real estate excluded. Proceeds to primarily fund childhood education (for now).
> For example, stock sales higher than $250,000 would be taxed at 7%. Real estate would not be.
7% (on top of federal cap gains, which are also increasing) is a significant tax rate to start with. If it was 1-2%, I could see people rolling with it. At a whopping 7%, I expect a lot of startup founders and small business owners looking for an exit will be moving across the border to Portland right before they sell their companies.
Re: Washington state approves capital gains tax
#4> 7% capital gains tax
It makes sense to start the out-migration now ahead of the Cascadia Megathrust Earthquake that's overdue to destroy the region and make millions homeless.
Re: Washington state approves capital gains tax
#5Details are sparse in this article. Looks like 7% capital gains tax, first $250K excluded, real estate excluded. Proceeds to primarily fund childhood education (for now). > For example, stock sales higher than $250,000 would be taxed at 7%. Real estate would not be. 7% (on top of federal cap gains, which are also increasing) is a significant tax rate to start with. If it was 1-2%, I could see people rolling with it.…
They will move to Oregon so that they can pay 9.9% instead?
Re: Washington state approves capital gains tax
#6Details are sparse in this article. Looks like 7% capital gains tax, first $250K excluded, real estate excluded. Proceeds to primarily fund childhood education (for now). > For example, stock sales higher than $250,000 would be taxed at 7%. Real estate would not be. 7% (on top of federal cap gains, which are also increasing) is a significant tax rate to start with. If it was 1-2%, I could see people rolling with it.…
It looks like Oregon has a 9.9% capital gains tax, so moving to Portland would add to the tax bill of founders relocating before selling their company instead of reducing it.
Re: Washington state approves capital gains tax
#7Details are sparse in this article. Looks like 7% capital gains tax, first $250K excluded, real estate excluded. Proceeds to primarily fund childhood education (for now). > For example, stock sales higher than $250,000 would be taxed at 7%. Real estate would not be. 7% (on top of federal cap gains, which are also increasing) is a significant tax rate to start with. If it was 1-2%, I could see people rolling with it.…
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Re: Washington state approves capital gains tax
#8Proceeds to fund child education.
Like the state gas tax, you still won’t get itemization of its breakdown to ensure that it is really where it is going to go.
So, color me surprise.
Re: Washington state approves capital gains tax
#9Ah, so this bill will tax gains from productive activities like investing in and building companies, while exempting gains from rent seeking activities like real estate.
Why am I not surprised?
Re: Washington state approves capital gains tax
#10> 7% capital gains tax It makes sense to start the out-migration now ahead of the Cascadia Megathrust Earthquake that's overdue to destroy the region and make millions homeless.
> overdue
The margins of 'overdue' are hundreds of years.