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What tax changes are they reacting to? It looks like the capital gains tax increase is not in the current version of the bill.
by idontwantthis 5y ago
What tax changes are they reacting to? It looks like the capital gains tax increase is not in the current version of the bill.
- toast0 5y agoWashington state has a capital gains tax that goes into effect next month (pending court challenges), that might have some Microsoft and Amazon people selling.
- eyelidlessness 5y agoWithout even knowing this was pending: I predict the courts will reverse it. It’s not as much a foregone conclusion as Seattle’s recent attempts at any kind of progressive tax regime, but regressive taxation is built into the state constitution and courts routinely favor the spirit of that regardless of the specifics. I’d love for my prediction to be wrong. A capital gains tax could pass muster. But it probably won’t matter.
- garmaine 5y agoIt is Biden’s policy platform to significantly raise capital gains tax (maybe even get rid of favorable long-term treatment altogether), and there has been talk of an unrealized gains wealth tax as well.
- Rebelgecko 5y agoIn some versions of the bill, the capital gains tax increases were actually retroactive for sales going back to September 2021. So there's a good reason to sell stock if you think that provision (or a similar one with a different effective date) might be returning.