Submitted by **Bozzooo** t3_120yder
in **Washington**

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**barefootozark**
t1_jdpng0b wrote

Reply to comment by **Unique_Engineering_3** in **Washington Supreme Court upholds new capital gains tax** by **Bozzooo**

> ’m super flattered that one of the ≈1000 people in the state that have exposure to this tax

It's estimated to raise 500M/year. If your 1000 people is true (it's not) each would pay on average $500,000 of capital gain tax. $500,000 is 7% of $7,142,857. THAT's FANTASTIC!! Suggesting that there are 1000 people in WA that average $7.4M in capital gains every year is not even ball park close.

There are ~ 7000 household affected. Household include more than 1 person.

The original $25K/$50K theshold capital gains tax affected 58,000 *households.* We'll be there within 2 years.

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**Unique_Engineering_3**
t1_jdpqdbx wrote

Thank you for correcting me so I’m accurate.

It’s 1 in 1000 that are expects to pay, not 1000 people in total.

So, 99.9% of the citizens of the state don’t have anything to worry about. Not even the guy I was responding to because he claimed to be nearing $250/yr as a couple—still less than 1/2 the limit for a couple.

Anyway, thank you for helping me to make sure I am precise and recognize that it is ≈0.1% of the population of the state with increased tax risk, not ≈0.000013% of the population.

And yes, I’m ignoring the “but the original number was…” comment that several responders seem quite fond of mentioning as if that was the actual law that got passed. I know “but could a been” and “but in the future” arguments are popular with some, but I’m trying to stay tethered in reality not imagination.

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**barefootozark**
t1_jdproyk wrote

Sure, you can count all resident to make it look like the tax affects fewer people, but children don't pay taxes. Fewer than 1/2 of the citizens are taxpayers. Assuming that 7,000,000 state residents are taxpayers is absurd. It's probably closer to 3,000,000 taxpaying citizens.

So, it really closer to 0.2% of taxpayers will pay the cap gains tax with it at $250K, and it would have been closer to 2% of taxpayers if it was at 25/50K. If it gets lowered to 15K, 4% of taxpayers.

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**Unique_Engineering_3**
t1_jdprye5 wrote

> Sure, you can count all resident to make it look like the tax affects fewer people, but children don't pay taxes. Fewer than 1/2 of the citizens are taxpayers. Assuming that 7,000,000 state residents are taxpayers is absurd. It's probably closer to 3,000,000 taxpaying citizens.

> So, it really closer to 0.2% of taxpayers will pay the cap gains tax with it at $250K, and it would have been closer to 2% of taxpayers if it was at 25/50K. If it gets lowered to 15K, 4% of taxpayers.

That’s impressive, you just mentally pretzeled yourself into thinking instead of everybody and their dog but not the kids is going to be paying this tax!

I’m not even mad, that’s just damned impressive!

🤣😅😂😂🤣

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