15th Dist Rep Dufault Fights Against The Taxing Culture In Olympia
Here a tax, there a tax, everywhere another tax, that's the battle for Eastside lawmakers as the minority in the State Legislature. One tax in particular that has the focus of 15th District State Representative Jeremie Dufault is the tax on capital gains.
So let's start there. According to the Economic Times "Capital gains are the profits earned on the sale of assets like stocks, bonds or real estate. It results in capital gain when the selling price of an asset exceeds its purchase price." In other words, if you made money selling stocks, bonds or real estate, Washington's Democrat lawmakers want a piece of that profit.
Bottom line - You generated income and the Democrats want to tax it...that's an "INCOME TAX" and the Washington Policy Center has a detailed history of failed taxing efforts of the past HERE.
"According to the Washington State Supreme Court (1951): “It is no longer subject to question in this court that income is property.....this means, as the state Supreme Court has repeatedly ruled, that a graduated income tax is unconstitutional since property must be taxed uniformly and at no more than one percent of its value."
But if you are a Washington State Democrat, you don't let a little thing like the State Constitution try to stop you. "the voters have overwhelming rejected those constitutional amendments to allow a graduated income tax (1934, 1936, 1938, 1942, 1970 and 1973). Washington voters have also rejected multiple income tax initiatives (1944, 1975, 1982 and 2010). In total, the people have made it clear on ten straight occasions they do not want an income tax."
Stay tuned as the Democrats continue to pursue more tax money even as projections are for increasing revenues without any new taxes.
Rep. Dufault appeared on KIT's Morning News to talk taxes, gun bills and Covid relief.