Liberal logic: Washington state considers easing property tax burden with a new capital gains tax

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Judge Judy shakes head rolls eyes
Mental gymnastics required for this logic.
From MyNorthwest.comAs homeowners reel from the sticker shock of higher property tax bills (average increase 17%), lawmakers in Olympia are considering a new capital gains tax to ease some of the burden.
Acme Fuel Company has been serving Olympia for more than 90 years. The business has been passed from generation to generation. Now owners fear the Capital Gains Tax proposal will make it costly for the current generation to retire.
That’s why current owner Christophe Allen testified before the House Finance Committee. “If I go to sell my business now I’m hit with this tax on that sale.” To Allen, it doesn’t seem fair, “We’ve worked countless hours building our businesses up, nights, weekends, whatever and the value of our business, that is our retirement.”
Capital gains include profits from the stock market. The tax would be 7 percent but the first $50,000 of capital gains per couple would be exempt. That means only 2 percent of the state’s population would be taxed.
“For the past 24 years I have lived off of unearned income,” Ruth Lipscomb said. She is retired from Microsoft. “I am perfectly willing and able to pay this tax and it’s a modest tax and it will go toward things that I really care about.”
Here’s a pro-tip Ruth: You don’t need to wait for a tax to support things that you really care about. You can make a donation to the Washington State Treasurer to “assist in promoting excellence in government.” Go here!
Other exemptions include single family residences, condos, and duplexes. Also, farms and timberlands and retirement accounts.
Supporters say the money will ease the burden of rising property taxes, lowering the bill by an estimated 50 cents for every thousand dollars of assessed valuation.
“I’m not trying to feed the general fund,” said the House Finance Committee chair, Rep. Kristine Lytton. “I’m not trying to buy other programs, I’m trying to keep people in their homes.”

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3 thoughts on “Liberal logic: Washington state considers easing property tax burden with a new capital gains tax

  1. If one really wanted to be Progressive, a Wealth Tax on ALL real assets. No exemptions on non profit organizations. Historic Property be deferred until sold to protect churches.
    Say 1% on over 1 Million, 2% on over 10 Million, 3% on over 100 Million and 4% on 1 Billion and 5% on over 10 Billion.

    • Problem with a net worth tax (all assets) is (1) the right of the government to force us to tell them what we own and (2) how to price it. How on earth can we put a fair equitable value on all real estate, privately owned businesses, coins, bullion, jewelry, art work, antiques, cars, collectibles etc?

      • True, but Taxes and Insurance Value. Never happen, old and Large wealth will insure only those who are up and commin will pay the majority of the taxes!

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