Letter to the Editor

I sent the following message to Gov. Jay Inslee. 

“Gov Inslee, I doubt this will matter to you but I am going to express myself regarding your proposal for a capital gains tax on sole proprietorships, farms, forestry and investments. I am a retiree with a small business. I run my small business at the age of 72 because my Social Security does not cover all my expenses, as in heat, water, food, insurance and medical care.  Much less the taxes on this property I have had for 31 years in Clark County! All the time I was working I invested as much as I possible could to my 401K and am thankful I was able to invest it where it would grow rather than in a bank for next to nothing. So now I have about a small nest egg I can draw off of to cover in case I have terrible health issues. And you want to tax that? Many people who lost their jobs have started their own little companies to help offset the lack of income. We are all experiencing high prices at the pump, restaurants and grocery stores.  And you want to now tax the small businesses? I hope you will reconsider this idea, sir. Please!”

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(1) comment

JimRobison

Ok, just trying to get an understanding of the amount of impact caused by the proposed tax. If you have done well at investing your funds over the years, and now need to sell some of those investments to cover unexpected expenses (medical bills) or to use for retirement: Let's say you invested $100,000 over a period of 20 years, and are now able to sell that investment for $200,000. You have $100,000 in Capital Gains. That leaves $75,000 (assuming you are a single filer) that is taxable at 9% resulting in a tax payment of $6,750. So your $100,000 invested nets you $193,250 (minus any federal income tax you might owe on it).

Maybe the investment was not quite as good, and that $100,000 yielded $120,000. You owe nothing on the Washington tax because it is below the $25,000 threshold.

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