Bill Title: Investing in Washington families and creating a more fair tax system by enacting a narrowly tailored property tax on extreme wealth derived from the ownership of stocks, bonds, and other financial intangible property.
Committee: Ways & Means
Companion Bill: HB1473
AN ACT Relating to investing in Washington families and creating a more fair tax system by enacting a narrowly tailored property tax on extreme wealth derived from the ownership of stocks, bonds, and other financial intangible property
What the Bill says:
It says that the poor pay 18% of their income in taxes while the wealthy pay only 3%. (It does not define what kind of taxes ie fed or state sales etc.) It claims we are the most regressive state for taxing the poor. It is attempting to fix this by starting a tax on intangible assets like checking accounts, saving accounts, stocks and bonds, or other things which can be turned into cash assets.
Our Summary Opinion:
This bill sets up the need to start collecting income tax returns and monitoring bank accounts in order to determine who they can tax. It is the base foundation of an income tax. If say, a person earned money outside of Washington State and put that into stocks, bonds, savings, checking, gold or silver or say a mutual fund Washington State wants to tax it NOW regardless of whether you paid tax in another state or whether or not you actually realized any profit off the intangible asset even before you have cashed in that asset!