Sign the “No Income Tax Petition” Today
February 18, 2021
Earlier this session, BIAW President Tracy Doriot and lobbyist Bill Stauffacher testified against SB 5096, creating a capital gains income tax in Washington.
A capital gains tax IS an income tax
Unfortunately, this proposal continues to move through the legislature. We’re concerned there could be a possible vote on the floor of the Senate within the week.
Read the Washington Policy Center’s analysis of the capital gains tax here.
Dangerous emergency clause
Our friends at the Washington Policy Center warn:
“Should it pass the Senate, the House is expected to quickly ratify it setting up a State Supreme court challenge. These facts are not in dispute: The IRS says tax on capital gains is an income tax; states without income taxes don’t tax capital gains; no state has an excise tax on capital gains, and capital gains taxes are volatile and unpredictable.
It is also very disturbing that the bill includes a referendum-killing emergency clause that blocks voters from having the final say on this new tax proposal.
The state budget is balanced, revenues are currently growing by more than 7% and this tax wouldn’t even be collected until 2023. Perhaps the fact voters have consistently rejected income taxes is why some lawmakers don’t want them to have the right of referendum on this proposal.”
Voice your opposition and share widely
Please sign and share WPC’s petition to keep our state income tax-free as soon as possible!