WCA Joins Suit Over Capital Gains Tax
An agricultural group has put its name on a lawsuit opposing the new capital gains income tax in Washington. The Washington Cattlemen’s Association and the Building Industry Association of Washington filed a second amicus brief Monday opposing the state’s tax on capital gains.
The Washington’s constitution currently bans an income tax, a ban that has been held up by voters multiple times. However, supporters of the tax on capital gain say capital gains are not income and don’t fall under that ban. The brief filed this week points out that the federal government and 41 of the states in the U.S. see capital gains as income.
The brief went on to say “[the approved legislation] suggests a dangerous disregard for the law on the part of our state legislature, a willingness to use semantics to circumvent well-established constitutional limitations on its taxing authority.”
Click Here to read the entire brief.
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