RIP WA State (7% Cap gains tax)

The Washington State Supreme court upheld the Capital Gains Tax.

I recently read an article that there is already a bill circulating that will reduce the $250,000 deduction allowed against the capital gains income, and subject more residents to the tax. This bill will support state-wide healthcare. Does anyone have info on this?

Also, as an excise tax, I don't believe it can be deducted as a state and local tax on schedule A. Thoughts?

I don't know anything about Washington state excise tax.

However, the Tennessee excise tax (which is specifically not an income tax according to Tennessee law) is deductible on the federal Sch. A as state income tax, because it's a tax levied on net income. (As distinguished from a tax on gross revenues, which would be a business expense on Sch. C or whatever.)

Also, back when Tennessee had an income tax on interest & dividends, that was deductible on Sch. A. I have a feeling this Washington capital gains tax is pretty similar to that.

Just got off the phone with a couple of clients who will be subject to this.
I attended a course a couple weeks ago from a knowledgeable person on this topic. They shared that this tax will be required to be on November's ballot to remain in effect. Unless the voters affirm it, it will not be in place for 2023, but the train has sailed on 2022.
Terrible result and analysis, IMO, by the Supreme Court.

Interesting. Thanks for the comments. I'll try to find more about the Nov ballot/vote.

Just got off the phone with a couple of clients who will be subject to this.
I attended a course a couple weeks ago from a knowledgeable person on this topic. They shared that this tax will be required to be on November's ballot to remain in effect. Unless the voters affirm it, it will not be in place for 2023, but the train has sailed on 2022.
Terrible result and analysis, IMO, by the Supreme Court.

Do you have any CPE/course recommendations on this topic? I have a client who is jumping around with his residency, and we could use some more support right now. He has no issue with a WA residency right now, but in a few years, this could be substantial.

https://app.wscpa.org/cpe/044064nr:the- ... -sc-update

Mark is incredibly knowledgeable on WA taxes. His entire practice deals with nothing but.