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Originally published on April 28, 2021 5:00 pm
Just days after the Washington Legislature gave final approval to a new capital gains tax aimed at the state s wealthiest residents, the conservative Freedom Foundation has filed a lawsuit on behalf of five individuals and one couple to overturn the tax.
In the complaint filed Wednesday in Douglas County, Washington, lawyers for the plaintiffs said the 7 percent tax on gains above $250,000 from the sale of such things as stocks and bonds is an unconstitutional income tax. They also said it violates the Commerce Clause of the U.S. Constitution.
Public records show lawmakers plan to use the capital gains income tax to set up a lawsuit to try to impose a broad-based graduated income tax. They’re going to get not one but two lawsuits from citizens fighting the unconstitutional income tax. It could be years, however, before we know if the state Supreme Court decides to uphold its numerous rulings saying that you own your income or if they’ll instead reverse course and take the bait from income tax supporters.
Just days after the legislature adopted SB 5096 (income tax on capital gains) the Freedom Foundation today filed this lawsuit in Douglas County. A separate group, The Opportunity for All Coalition (OFAC) also announced plans to file a future lawsuit. Here is the statement from OFAC President Collin Hathaway:
Lawsuit filed to overturn Washington capital gains tax nwnewsnetwork.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nwnewsnetwork.org Daily Mail and Mail on Sunday newspapers.
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