Cancel your weekend plans. The income tax on capital gains (SB 5096) has been scheduled for a vote by the full Senate on Saturday. I am truly stunned that the Senate is poised to ram thru an income tax before what everyone expects to be a large increase in the March 17 Revenue Forecast. The budget process has been turned upside down.
Discussing the rushed vote to impose an income tax a Seattle Times editorial says:
“Washington Democratic Senate leaders should think twice before voting on a capital-gains tax proposal likely destined for the courtroom. Slow way down. This bill is oddly being rushed to a floor vote ahead of a promising new revenue forecast report.”
Comments