The Washington State Supreme Court released its ruling Friday upholding the constitutionality of the state’s capital gains tax. The legislation created a 7% tax on the sale or exchange of capital assets above $250,000.
A Douglas County Superior Court judge ruled in opposition, saying that since the tax was not applied to gains below $250,000 it was not being applied uniformly.
University of Washington constitutional law professor Hugh Spitzer argued that the tax on the act of selling is closer to a tax on an activity or sale rather than an annual tax on property or income. “That’s how the capital gains tax was structured from a state perspective,” Spitzer added. “It’s a tax on the activity of selling certain kinds of capital assets measured by the amount of the gain — it’s a very technical issue, but I think that the state Supreme Court is going to understand this issue and will make this ruling under Washington law.”
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