Capital Gains Tax Quotes – Who Said It? »Publications» Washington Center for Policy


Now that the Attorney General’s misguided efforts to have the capital gains tax lawsuits dismissed was refused, we can expect key legal arguments to be heard in Douglas County Superior Court later this year. In preparation, do you know your capital gains tax quotes?

  • This is in response to your request regarding the tax treatment of capital gains. Wondering if capital gains tax is considered excise duty or income tax? It is an income tax. More precisely, capital gains are assimilated to income within the meaning of the tax code and taxed as such. “- IRS
  • “Federal capital gains tax is referred to as income tax. A potential challenge to a capital gains tax proposal is that opponents can characterize the Washington capital gains tax as an income tax and argue that it is not allowed under Washington’s constitution. – Washington State Department of Revenue
  • “Most states don’t have separate capital gains tax rates. Instead, most states tax capital gains as ordinary income subject to state income tax rates. – Washington State Non-Partisan Legislative Staff
  • Another problem with the charitable deduction is that, because it is a common feature of income taxes, it can increase the chances that the courts will determine that the Washington capital gains tax is a income tax. – Washington State Department of Revenue
  • “It is impossible to quantify the extent to which the charitable deduction can strengthen the argument that the capital gains tax is an income tax. All we can say is that the charitable deduction probably strengthens the argument that capital gains tax is income tax. The charitable deduction is not the only provision in the bill that opponents of the capital gains tax can use to support their argument that the capital gains tax is a tax on capital gains. returned. – Washington State Department of Revenue
  • “Personal income tax combines a tax on labor income and a tax on capital income, such as interest, dividends, capital gains and certain business profits. Corporate tax and inheritance tax also apply a tax on capital income. By reducing the return on investment, taxes on capital income reduce the incentive to save and invest. – Congress Budget Office
  • “Personal and corporate income tax affects both labor and capital income. Excise duties are consumption taxes on specific products. – Congress Budget Office
  • The constitution exercises control over lawmakers’ desire to impose income tax – for now. But make no mistake: the sleight of hand that disguises a capital gains tax as an excise tax is just as easily used to tax all income, including wage income. – Tax foundation
  • “The key feature of the taxation of capital gains, which makes it income, is how it departs from the real estate excise tax: it is ‘measured as a percentage of the gain,’ as it puts it. the note from the promoters. There is a word for this tax base. It is Income. “- Tax foundation
  • “Washington’s incomes have historically shown less cyclicality than others (in part due to the lack of personal income tax). . . We have observed that capital gains tax revenues are among the most cyclical and difficult to predict revenues in many other states. “- Standard & Poor’s credit rating for Washington
  • “Federal long-term net capital gain” means the long-term net capital gain reportable for federal income tax purposes. . . before the date on which the taxpayer’s federal income tax return for the tax year must be filed. – Senate Bill 5096
  • “But the most important benefit of adopting a capital gains tax is legal, from my perspective. The other side will challenge it as an unconstitutional property tax. . . will allow, if we succeed, to enact a progressive income tax by simple majority. – Senator Jamie Pedersen
  • “.. enacting a capital gains tax is one of the best things we can do to advance the possibility of an income tax in our state… Until that. that to happen, it would take 2/3 of the majorities in the legislature (and a vote of the people) to pass an income tax “- Senator Jamie Pedersen
  • “A capital gains tax is just a tax on certain types of income. . . To the extent that this is an income tax, and I think it is, it will be ruled unconstitutional. – Professor Scott Schumacher, Director, University of Washington Graduate Program in Taxation
  • “The argument is again brought up to us that these cases were badly decided. The tribunal, however, does not want to deviate from the position announced in its repeated decisions. Among other things, the attorney general insists that the result will now be different because the state is facing a financial crisis. If so, the constitution can be amended by popular vote. – 1960 State Supreme Court ruling banning progressive income tax
  • “We provide businesses with competitive advantages that are found in a few other states. It does not include any personal or corporate income tax. “- Washington State Department of Commerce

Expect to see these quotes and many more appear in future court battles.

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