Given constitutional income tax restriction, the WA capital gains tax proposal is being billed as an excise tax. Will this fly? 1/10 #waleg
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States sometimes get creative with what they call their taxes, but courts typically care about a tax's characteristics, not its name. 2/10
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The idea is that it's an excise tax on the sale of capital asset, not an income tax on proceeds. But that's not how excise taxes work. 3/10
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