Sen. Noel Frame (D-Seattle) offered the following statement on the Supreme Court’s ruling upholding the capital gains excise tax:
“I’m encouraged by this ruling, but our work on reforming our tax system so the wealthiest few pay what they owe must continue. This ruling locks in our law ensuring parity in excise taxation on transactions. When people sell property — whether they’re selling real property and paying the real estate excise tax, or whether they are selling intangible property like stocks and bonds and paying the capital gains excise tax — they will pay their fair share.
“Our next step is to ensure parity in taxation on wealth. Middle-class homeowners have been paying property tax on their houses for decades, but the wealthiest few don’t have to pay property tax on their main source of wealth: stocks, bonds, and other financial assets. The proposed Washington State Wealth Tax would ensure parity in property taxation between the working families who already have to pay property tax on their wealth — their homes — and the richest people in the world, who don’t pay a dime in property tax on the financial assets that make up their wealth. I look forward to continuing my work to bring this bill into law.”
