Submitted by Bozzooo t3_120yder in Washington
Competitive-Bit5659 t1_jdl77dl wrote
Guys like Jeff Bezos will be able to avoid this tax by making sure any capital gains over the limit count in another state.
This is really a tax on small business owners when they sell their businesses in order to retire.
ununonium119 t1_jdl989y wrote
The easiest way for the rich to get out of paying taxes is to not have any taxes for them in the first place.
jrodicus100 t1_jdn0hn2 wrote
Yeah you’re not wrong. Like most of those taxes aimed at the rich, they really only affect the upper middle class - the rich still avoid them completely with their armies of lawyers and accountants.
Everyone wants a fair and no -regressive tax, but this is just another kind of regressive tax that further divides the wealthy from the middle class.
JackAlexanderTR t1_jdu07im wrote
I voted for Democrats past few elections and I will 100% not vote for them again at local/state level. What people don't understand is that this will trigger an exodus of wealthy people and large corporations and the state will lost a lot more money than what it will make from this. Look at Portland Oregon chasing away all those "big and evil" corporations and then rich people, and now just regular middle class people because of all the taxes on top of taxes.
UncommonSense12345 t1_jdlz3gk wrote
Yep. Reddit people don’t care about logic tho so you will be downvoted…. Just like how the new gun laws won’t be followed by criminals…. Law abiding people will again have their rights stripped to keep wealthy Seattle folks “feeling safe”… who live in gated communities with well funded PDs….
Competitive-Bit5659 t1_jdm2u35 wrote
Given how much Washingtonians hate small businesses, I’m surprised there weren’t more downvotes. Lol
Unique_Engineering_3 t1_jdnjoji wrote
Worry about how bad the wealthy have it when you’re one of them. In the mean time you’re carrying their water for nothing.
UncommonSense12345 t1_jdnk1bk wrote
This tax will have its threshold lowerred gradually. Always happens. Gov uses rich as boogeyman to get tax passed, then over time makes the tax more and more broad. This tax will have an effect on a lot of people who you and me would say are well off but certainly not rich rich. People who have owned small businesses for their whole careers and sell them for their retirement will now be hit with an additional 7% tax…. that is theft
Unique_Engineering_3 t1_jdnknl6 wrote
> This tax will have its threshold lowerred gradually. Always happens. Gov uses rich as boogeyman to get tax passed, then over time makes the tax more and more broad. This tax will have an effect on a lot of people who you and me would say are well off but certainly not rich rich. People who have owned small businesses for their whole careers and sell them for their retirement will now be hit with an additional 7% tax…. that is theft
Standard issue tax scare tactics that many libertarians have bought into wholesale and blindly.
The wealthy have been very good at scaring the lower classes into thinking that they’ll be impacted by tax increases that specifically target the wealthy.
Honestly, I’m impressed with how effective the wealthy have been at selling this narrative to people that will never be impacted
For example, family businesses are specifically exempted—but you’re arguing like they’re not.
UncommonSense12345 t1_jdnm44m wrote
Exempted for now…. And let’s revisit this in 2 years time. We will see who is right. Why can’t government just spend within their means ?
Unique_Engineering_3 t1_jdnmpuz wrote
> Exempted for now…. And let’s revisit this in 2 years time. We will see who is right. Why can’t government just spend within their means ?
Again… standard issue libertarian taxes are theft arguments.
They’re stealing your money and wasting it on things you don’t like! But don’t worry, things you do like don’t count. And don’t forget—taxes on the wealthy are something your going to pay too—someday, maybe.
Hopefully you’ve never taken any school grants or educational payoffs because that would be a bit hypocritical to complain about government “theft” and also take it when it benefits you, u/UncommonSense12345.
UncommonSense12345 t1_jdnobzu wrote
Well I have paid my way through both undergrad and grad school. I don’t get why you are slamming me so hard for critiquing the state for not following its own constitution and the precedent of 49 other states, the irs, and most other countries on earth. Capital gains taxes = income taxes, which are outlawed by the WA state constitution. Please look it up and see it for yourself. This is a favorite thing of the dems of this state to ignore the constitution if it is for things they don’t like (conservatives do this to, still wrong when they do it as well). Not sure their is much to argue here.
Edit: since you are so concerned with my finances, I used my own money, merit based aid, and private loans (non subsidized) so there you go. I do practice what I preach, and I will not be filling for student loan forgiveness, I will pay the debt I signed up for, other people should not subsidize my debt just like how I shouldn’t theirs.
Unique_Engineering_3 t1_jdnpy07 wrote
> Well I have paid my way through both undergrad and grad school. I don’t get why you are slamming me so hard for critiquing the state for not following its own constitution and the precedent of 49 other states, the irs, and most other countries on earth. Capital gains taxes = income taxes, which are outlawed by the WA state constitution. Please look it up and see it for yourself. This is a favorite thing of the dems of this state to ignore the constitution if it is for things they don’t like (conservatives do this to, still wrong when they do it as well). Not sure their is much to argue here.
I’m not slamming you, I’m just not accepting your comments unchallenged.
Your comments follow libertarian talking points near 1:1, I have no idea if you consider yourself a libertarian or not. It just that they talking points are easy to recognize wherever you sourced them from.
As for school, I have no idea if you went to college or how you paid for it. If you went to school and didn’t have family money paying your way (and good for you if you did!), I based my comment on most people using federally subsidized loans when they do from that “all taxes are theft” money.
And I don’t know if you got grants or loan forgiveness for your schooling costs based on qualifying for some tax payer funded program or not. But most people who do benefit from such government programs do from that “all taxes are theft” money.
Libertarian logic tends to excluded “all taxes are theft” logic for popular programs and instead spend a lot of time pointing out unpopular elements with their core audience. This creates division effect among people that have more in common with each other than not. Then they align aspirations with things that benefit a group that must will never be a part of.
Again, I don’t know if you’ve accepted government money to pay off your schooling. I am saying that doing so is inconsistent with “all taxes are theft” thinking unless your okay with taking stolen property if it benefits you.
As I said, none of this it was based on you as a individual because I don’t know you as a individual. I addressed the most common pattern—and you recognized elements that seemed to resonate with your situation and then thought I was putting you in blast.
Again, I was challenging your concepts because they were not unique to you.
UncommonSense12345 t1_jdnqef3 wrote
Fair enough. But have you looked into the constitutionality of the new income tax? It is concerning when the state and courts both ignore the constitution, no? What will you say when politicians who you don’t align with start ignoring the constitution? Will it matter then? I think lots of people don’t understand how dangerous it is to have a one party system that ignores the rule of law….
Today they came for my enemy I said nothing, tomorrow they may come for my friend, and the next day for me… most people don’t get the concept that abridgments of the law and your constitutional rights is something that should be VERY VERY alarming to everyone….
Unique_Engineering_3 t1_jdns09l wrote
I’m aware of the WA constitution arguments, I’m not sure they’re accurate here. The SCoWA ruling appears to indicate the judges didn’t think it was valid in this case on this topic.
UncommonSense12345 t1_jdns7h6 wrote
How is a capital gains tax not a tax on income? The irs has ruled it to be so, along with every other state…. It’s political pretzel twisting to get a tax they want passed regardless of whether it is legal or not
Unique_Engineering_3 t1_jdnsxiz wrote
My basic understanding is that the SCoWA ruling determined that The tax is a excise on the sale capital assets and not the assets or gains themselves.
Basically it’s effect is the sand as a capital gains tax but it’s a excise tax—on capital gains.
For ≈1000 people in this state, that subtle difference matters. For everyone else… it’s business as usual.
Unique_Engineering_3 t1_jdnjfox wrote
He would do that either way. I’m sure he’s working every tax loophole that exists already.
As for small business owners—that is largely a non-issue because family businesses are excluded.
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