Washington state has no state income tax, which is why we have a disproportionate share of USA billionaires.
However, in 2022, we just had our first year of capital gains tax on stocks, sale of a business, and other investments.
The Washington state Constitution forbids any form of income tax.
No problem for the Washington state Supreme Court!
The Court decided that capital gains on a stock or a business is NOT income!
Our new capital gains tax has a standard deduction of $250,000.
There is a 7% tax on all gains above $250,000.
More creative taxes on capital gains are on the way.
The now totally dominant Democratic Party in Washington state has begun fantasizing out loud about special taxes on entrepreneurs who have NOT sold any of their stock or any part of their business.
One party rule is what ALL mail in voting gets you, we now have CA., WA., OR., and CO. with ALL mail in balloting this HAS TO STOP the citizens need to some how vote on doing away with this HOWEVER with ALL mail in voting the amendment would surely lose!! The citizens in these states are between a rock and a hard place!!