Written by The Washington State Supreme Court has ruled that the excise tax on capital gains is constitutional and valid.
I received the following E Mail from Jack Gruber on March 28, 2023.
Yesterday, the Washington State Supreme Court announced that the 7% Washington State Capital Gains Excise Tax is constitutional and will be collected retroactively to Jan 1, 2022.
The result is that the top Washington State capital gains tax will be 30.8% (20% Federal, 3.8NII, 7% Washington) for all asset sales except real estate, which already has a graduated excise tax.
Jack and I scheduled a call to talk about this on March 30. Here is a recording of our conversation. Jack gives some background on the tax and suggests some ways to help reduce the impact. We also talk a little baseball at the end. It is always a pleasure learning from Jack.