Washington State’s lack of a state capital gains income tax is a selling point for attracting businesses. The important attribute of our state’s tax system is often acknowledged as a “pro-business” attraction.
Indeed, the Washington State Department of Commerce’s “Choose Washington” website—a site which markets the state to businesses—emphasizes the lack of a state capital gains income tax as an attribute that grants businesses a “competitive advantage found in few other states.” At least, the website used to emphasis that fact.
Last month, the website stated the following:
“We offer businesses some competitive advantages found in few other states. These include no taxes on capital gains or personal or corporate income. We also offer industry-specific tax breaks to spur innovation and growth whenever possible.”
The website now states:
“We offer businesses some competitive advantages found in few other states. This includes no personal or corporate income tax. We also offer industry-specific tax breaks to spur innovation and growth whenever possible.
Notice, the website no longer lists a “capital gains tax” as among the “advantages.” The Washington Policy Center’s Jason Mercier asked Department of Commerce what gives. Here’s the reply he received:
“Currently there are multiple revenue proposals and tax preferences in play in the Legislature, including capital gains and R&D incentives, for example. You see a normal refresh of online marketing content to reflect that. We think it would be disingenuous not to adjust our marketing messages about tax policy and preferences accordingly.”
Choose Washington has listed our state’s lack of a capital gains income tax as an advantage since 2012. It seems a bit premature to remove it now.
It could be that the Department of Commerce should receive credit for truth in advertising. Or, it could be a bit of political pandering. In any case, as Mercier points out, “lawmakers still have the option to restore this “Pro-Business” selling point by rejecting capital gains taxes and help employers and individuals “Choose Washington.””
Eastside Sanity says
Nothing like liberal doctrine in every aspect of Washington State Government. Can this state get any more like California in its ability to screw it’s citizens out of their money? Classic democratic move by the progressive left.
Loony liberal leftists will continue to eliminate advantages for businesses and people to “choose Washington ” until it is a disadvantage then when fewer and fewer businesses and people do “choose Washington”, the same loony liberal leftists will madly scramble for a way to blame Republicans for their failed policies. It’s kinda like the sun coming up in the East.
Jim Thomas says
There are very few reasons any business would choose Washington State and our list of looney Liberals that run our State Government. How would any of them even know what businesses are looking for when choosing a State. On top of that…is gridlock a plus?….is a Goveror without a clue a plus? Is a State that can’t produce a balanced budget a plus? Is tax, tax and more tax a plus? Let’s get real….
Inslee has lied and lied, so with this mind why doesn’t he revok the massive Boeing tax abatements?