Lewis Horowitz

Nov 26, 2024 | mondaq.com | Scott Edwards |Brett Durbin |Lewis Horowitz |Aaron Johnson

The failure of an initiative to repeal the state capital gains tax has emboldened three Seattle council members to float a Seattle city capital gains tax modeled on the state tax. As lawyers, we do not want to take a position on the wisdom of this policy; that is for voters and elected officials. However, we do want to explain why such an effort is not likely to survive the judicial review that will surely follow. Seattle, unlike the state, does not have plenary taxing authority.

Nov 25, 2024 | mondaq.com | Scott Edwards |Brett Durbin |Lewis Horowitz |Aaron Johnson

The failure of an initiative to repeal the state capital gains tax has emboldened three Seattle council members to float a Seattle city capital gains tax modeled on the state tax. As lawyers, we do not want to take a position on the wisdom of this policy; that is for voters and elected officials.However, we do want to explain why such an effort is not likely to survive the judicial review that will surely follow.

Nov 12, 2024 | mondaq.com | Lewis Horowitz |Aimee Miller |Brett Durbin |Scott Edwards

On November 5, Washington state's voters rejected ballot initiative I-2109 that would have repealed Washington state's 7-percent capital gains tax. As a reminder, we previously discussed the capital gains tax here. And as we predicted, this tax caused many to move from or avoid the state entirely (make sure to check our checklist here if you need to leave the state).

Apr 10, 2024 | mondaq.com | Scott Edwards |Lewis Horowitz |Aimee Miller

The Washington Department of Revenue continues to update its guidance on Washington's excise tax on long-term capital gains, resulting in the most recent proposed rule, WAC 458-20-301.

Jan 16, 2024 | lexology.com | Callie Castillo |Scott Edwards |Lewis Horowitz

On January 15, The U.S. Supreme Court declined to accept our certiorari petition. That means there will be no further judicial review of the Washington Supreme Court’s Quinn decision holding that the capital gains tax is a constitutionally valid excise tax — rather than an income tax violating the Washington State Constitution’s Uniformity Clause. Individuals who pay the capital gains tax can still challenge the tax as it applies to them.