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My Edmonds News presents The Daily Legislative Report, covering the 2021 Washington State Legislature. For two days, House lawmakers debated Engrossed Substitute Senate Bill 5096, which would create a capital gains tax on those selling stocks, bonds, and would apply to sales of businesses. The bill passed the Senate on March 6, by a vote of 25-24. It passed the House 52-46 on April 21. The bill will now go into a matter of concurrence between the Senate and House on amendments, and if passed, will head to the Governor’s office to be potentially signed into law. The legislation is controversial, as it has failed by referendum 10 times and is illegal by state constitution, and will likely wind up as a state Supreme Court matter prior to implementation.
For more information on Senate Bill 5096 – https://app.leg.wa.gov/billsummary?BillNumber=5096&Initiative=false&Year=2021
For more complete information on any legislation, including sponsors, a synopsis, and fiscal note, visit the Washington State Legislature’s bill information webpage: https://apps.leg.wa.gov/billinfo
No way….this will go all the way to Supreme Court..no doubt. Might as well get ready for another no go. I am totally against it. I am a Democrat. I for one will engage the whole state of Washington on this one.
State Income Tax is the Holy Grail of the Democratic Party!!!
The citizens of the 21st District and 32nd District should be cognizant as to how your senators and representatives voted on this measure. In past years, any income tax proposal was always presented to the voters as a ballot measure. This proposal bypasses the voters. Each time that the voters in our communities had a voting opportunity, they overwhelmingly defeated the income tax. Senate Bill 5096, the capital gains tax, is a disguised excise tax that has the same impact on family incomes, whether directly, or indirectly as a pass along expense on purchases.
Not mentioned in the article is that there is wording in the bill that makes it an Emergency which would prevent a referendum by the people if passed in it’s current form. Very deceptive.
Democrat leaders once again want to tax money we have Earned. This is such a rip off I can’t even believe it.