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.

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.

They would do that either way. I don’t care if they retire out of state if they’re not paying a fair percentage of their benefit of the economic system while they’re here anyway.

The bill addresses inflation.

Unless you are making $250k/yr ($500k/yr for a couple)—adjusted for inflation—then this capital gains tax is not something you need to worry about.

Extremist libertarians still call 911 when their house is on fire though. 🤣

There are ≈1000 people in this state that need to worry about this. If you’re not one of them then you’re not paying this tax.

> The original bill that imposes the state excise tax on capital gains which you support uses the same language. "Federal" is used extensively. https://app.leg.wa.gov/billsummary?BillNumber=5096&Initiative=false&Year=2021

> The state imposes its capital gains tax using the amount of capital gains reported on the federal income tax return. The state then allows certain additional deductions or exclusions. That's why there are references to the federal capital gains tax, it's the starting point for computing whether you need to file a state return.

> Your proof is right here: NEW SECTION. Sec. 309. PERSONS REQUIRED TO FILE A STATE RETURN. 33 (1) Only individual and joint taxpayers with federal net long-term 34 capital gains or net earnings from self-employment of sole 35 proprietors in excess of $15,000 on their federal tax return are 36 required to file a capital gains tax return with the department.

> The capital gains tax return is the WA state excise tax return, and the Department is the WA state Department of Revenue. The WA State legislature has no authority over federal capital gains taxes.

> This draft bill lowers the threshold from $250K to $15K.

You’re conflating two different issues:

1. The state capital gains that was just upheld by the SC of WA. And

2. The proposed health care accounts that get funding through wages—and yes, capital gains are factored into the liability for how much that income level is.

To be clear:

Your allegation that the capital gains tax is being lowered to the point that regular citizens in WA have to worry about it is not supported by your pasted section.

Right?! Their accountants and lawyers will point out plenty of legal ways to help their clients lower or avoid the additional tax liability. It’s not like people with $250k/yr in capital gains don’t have resources for specialized assistance.

I saw that people that have FEDERAL capital gains exposure submit information.

You’ll have to point out not the volume of times that “capital gains” is mentioned but the nexus between your linked bill and the lowering of the STATE capital gains limit that is being discussed.

I’m happy to let you be the smart guy here, please show me in the bill where your allegation is supported. As it is right now it simply looks like you’re conflating two separate issues. Please, prove me wrong.

> I see you have tons of glib comments on here about this, it’s quite funny how you laugh at peoples opinions but never seem to answer questions.

> Must be nice to have nothing in this world to hold on to.

> That being. Said my wife and I do get close to the 250K in stock options a year. I’m not so worried about paying 7% on that, but I’d be more worried that they’d drop below that and now start working on income taxes. You of course, have a smooth brain and just post glib comments so we know you aren’t worried.

Your sad ad hominem commentary aside, it’s too bad you don’t have access to the internet.

If you did you would know that you’re still WAY BELOW the threshold despite doing great financially, u/Peanut09274.

“There are several deductions and exemptions available that may reduce the taxable amount of long-term gains, including an annual standard deduction of $250,000 per individual.”

So it looks like you’re going to need to more than double your tax exposure before you have to get your accountants and lawyers involved.

Edit to add:

You don’t have to worry about the $250k/yr EACH being less due to inflation because this limit is adjusted for inflation—and doesn’t include selling a family business.

“A standard deduction of $250,000 per year per individual, married couple, or domestic partnership. This amount is adjusted for inflation annually.”

“The long-term capital gain from an individual’s sale of all or substantially all of a qualified family-owned small business.”

> Section 309 “NEW SECTION. Sec. 309. PERSONS REQUIRED TO FILE A STATE RETURN. 33 (1) Only individual and joint taxpayers with federal net long-term 34 capital gains or net earnings from self-employment of sole 35 proprietors in excess of $15,000 on their federal tax return are 36 required to file a capital gains tax return with the department..”

Do you understand the difference between FEDERAL taxes and STATE taxes? 🤷‍♂️

The current law at the WASC has a $250k/yr+ trigger for STATE taxes. Your section above does not counter that.

The bill you linked and cited is all about healthcare—it has f✨k all to do with the STATE capital gains tax that is being discussed.

Some rich guy’s PR team is doing a great job of getting the people that won’t pay the capital gains scared of this tax though.

> Incredible short sightedness on your part. Washington has an $8B surplus. Why are we being taxed more exactly?

If you’re making $250k/yr+ in capital gains and have something tk worry about why are you wasting your time on Reddit arguing about it with people like me? 🤷‍♂️

I’m super flattered that one of the ≈1000 people in the state that have exposure to this tax has taken the time to care about me! 🤣

> They are trying to lower it already to 15k fyi. Section https://lawfilesext.leg.wa.gov/Biennium/2023-24/Pdf/Bills/Senate%20Bills/5335.pdf

u/Allmyfinance, you linked a bill related to health care. Where is the $15,000 level you reference in the bill you linked.

You don’t just blindly post a link without knowing what was in it, did you? 🤷‍♂️

You’re not going to be paying any of this tax 😅👍

Oh noez!! The fearz!!!! Paniczzz!!! 🤣

Talk with MILPERS and they’ll walk you through the eligibility criteria. I’ll be honest, I’m not sure “spouse on orders” is a qualifying criteria—but that’s a hazy non-expert’s partial recollection. MILPERS are the experts and will know the criteria

Edit: Never mind, this is state not mil. It looks like this is the qualifying criteria.

> I guess that I don't need to wait a whole year to "scare" you with "that logic."

> https://www.reddit.com/r/SeattleWA/comments/10gma45/senate_bill_5335_would_increase_the_captain_gains/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button

> See you in a year when this passes! Have fun paying a flat % excise tax on your wages. You sure showed the rich who's boss.

Oh no!!!!

Panic!!!!

So scared!!!!

Oh, wait… your link’s link has nothing to do with this and you were so desperate to prove your point that you linked a health care bill that’s gone nowhere. Wow… you really got me with that one, u/Jetlaggedz8. 👍

🤣😅😂🥲😂😅🤣

I’m really not bothers by that kind of logic, I’ve been hearing that scare tactic my whole life.

What they might do someday, maybe isn’t my concern. Fixing our regressive tax code that disproportionately affects lower income earners as a percentage of their income is way overdue.

If you’re making more than $250k/yr in capital gains I’m sure your accountant and lawyer have already explained your potential liability here.

That’s always the scare-the-poors tactic that’s used.

I’m pretty far from being worried about making $250k/yr in capital gains so my level of concern about ever being impacted is very, very low.

Oh no! I aspire to be impacted by that someday! 🤣

It costs at least 50¢ per mile to drive. Plus the toll heading east if you take the bridge. Plus the time to drive.

After you figure the fiscal cost of driving then it’s “just” a matter of the time/effort value to you the ferry provides of its not the outright winner on the cost calculation alone.

If it’s a wash I’ll usually take the ferry to avoid the driving hassles and risks. I’m also more likely to ferry east and drive west.

> bremerton is super sketchy

When was the last time you were in Bremerton?

A friend of mine moved from Seattle to Shelton and she likes it. I think Shelton is still low Tiflis because it’s got a bad reputation from back in the day.

I have little experience there myself as I’ve only transited through on the way to other places. I did take my kid to see a race at The Ridge and that was good fun. Getting to the ocean is easy—you would be a couple hours ahead of people coming from Seattle on the weekend.