Inslee states that capital good points tax shouldn’t be income tax

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Inslee states that capital gains tax is not income tax

Gov. Island (TVW)

Governor Jay Inslee is pushing again for a capital gains tax aimed at the wealthiest residents. Jason Mercier of the Washington Policy Center says it is dishonest for Inslee to pretend this isn’t an income tax and the timing is bad at first. He attended the Dori Monson Show to discuss.

“Our current budget is balanced in the middle of the pandemic. We have billions in reserves and government revenues are projected to grow by over 7% without a cent of new tax hikes. In this fiscal context, knowing that businesses and families are still suffering from some of the toughest government-imposed economic restrictions to respond to COVID-19 across the country, the fact that we are talking about tax hikes is only shocking , let alone the In fact, we’re now seeing another proposal for an income tax, ”he said.

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“And I feel like I’m stuck here in Alice in Wonderland when the governor says it’s not an income tax. What does he know that the IRS and every other finance department across the country don’t know? “

Mercier says there is no doubt that this is an income tax and that it is insincere to pretend otherwise, rather than that this is a new feature of the Washington state capital gains tax proposal.

“That’s not new. We have had this for eight years. And when I first heard this suggestion, I was confused because what is an excise tax on capital gains, capital gains or income? So I personally reached out to the Revenue Director for each state in the country. And honestly, some of them laughed at me when I described what was being proposed in Washington state … every single state it’s an income tax, ”he said.

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There’s a reason such a tax hasn’t been in place in years, says Mercier, also because it may be unconstitutional.

“Washington is one of nine states with no income tax, but that’s not because of not trying. Voters were asked ten times, six times with constitutional amendments, and the answer was, “No thanks.” And the reason this has to be a constitutional amendment is because the Washington Constitution has the broadest definition of property in any state constitution, ”he said.

“It says” property is everything that is property, material or immaterial. “And the Supreme Court has said for almost 100 years that you own your income, and if you own your income, it’s property. And that’s why you’re watching this game of calling a capital gains tax an excise tax, because they know that They will be sued for surrender and unconstitutional income tax the moment it passes. But we know from public records of lawmakers that this is their goal. They see this is their best chance at a tiered income tax without a constitutional amendment in the hope that the Supreme Court will change its mind. “

Listen to the Dori Monson Show on weekday afternoons from 12pm to 3pm on KIRO Radio, 97.3 FM. Subscribe to the podcast here.