Statement from Rep. Drew Stokesbary on today’s Washington State Supreme Court capital gains tax ruling

Statement from Rep. Drew Stokesbary, R-Auburn, ranking member of the House Appropriations Committee and member of the House Finance Committee:

“Today’s ruling is an unfortunate loss for businesses and employees across the state. I’m disappointed a majority of the Supreme Court justices ignored the common-sense fact that is plain to Justices McCloud and Johnson, the IRS, and every other state in the country – capital gains are income. By endorsing the Legislature’s word games, today’s ruling provides a blueprint for future tax increases authored by clever legislators who now know they can circumvent the state’s constitutional tax limits by merely labeling any new tax as an excise tax.”

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Washington State House Republican Communications
houserepublicans.wa.gov