Capital gains tax signed into law in Washington state
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Gov. Inslee proposes capital gains tax, tax on health insurers
Washington Gov. Jay Inslee is proposing a new capital gains tax and a tax on health insurers as part of his two-year, $57.6 billion budget proposal.
A legal challenge against the tax has already started, with one lawsuit filed last week and another expected.
The measure imposes a 7% tax on the sale of stocks, bonds, and other high-end assets in excess of $250,000 for both individuals and couples, and is expected to bring in $415 million in 2023, the first year the state would see money from the tax, which would start in January 2022.
Capital gains tax already being challenged
New policy would begin to take effect in January 2022 By Joseph O’Sullivan, The Seattle Times
Published: April 28, 2021, 6:51pm
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OLYMPIA Washington’s new tax on capital gains above $250,000 isn’t even law yet, but it’s already being challenged in the courts.
Supporters and opponents of the tax have long known the policy would become grist for a legal challenge that could go up to the state Supreme Court.
That clash kicked off Wednesday with the conservative group Freedom Foundation, working in conjunction with a Seattle law firm, filing suit on behalf of seven state residents in Douglas County Superior Court. The suit was filed against the state of Washington, as well as the state Department of Revenue and its director, Vikki Smith.
EAST WENATCHEE â A 37-year-old man is suspected of selling drugs from his East Wenatchee home.
Earlier this month, East Wenatchee police officers were given information that Casey Lee Nations was dealing heroin from his home and on Dec. 18 served a search warrant at his home on Nile Avenue, according to a probable cause affidavit filed in Douglas County Superior Court.
Inside the home, police say they found multiple items with suspected heroin residue, a gram of suspected methamphetamine, and materials they suspect are used in the packaging and selling of drugs, the affidavit said.
Investigators also found items they believe stolen, including a 2006 Suzuki GSX R1000 motorcycle and credit cards.