{"id":3811,"date":"2023-06-03T16:03:00","date_gmt":"2023-06-03T16:03:00","guid":{"rendered":"https:\/\/www.godefy.com\/pluralistic-washington-states-capital-gains-tax-proves-we-can-have-nice-things-03-june-2023"},"modified":"2023-06-03T16:03:00","modified_gmt":"2023-06-03T16:03:00","slug":"pluralistic-washington-states-capital-gains-tax-proves-we-can-have-nice-things-03-june-2023","status":"publish","type":"post","link":"https:\/\/www.godefy.com\/pluralistic-washington-states-capital-gains-tax-proves-we-can-have-nice-things-03-june-2023\/","title":{"rendered":"Pluralistic: Washington State&#039;s capital gains tax proves we can have nice things (03 June 2023)"},"content":{"rendered":"<p>Today&#8217;s links Washington State&#8217;s capital gains tax proves we can have nice things: We just need to tax the rich. This day in history: 2008, 2013, 2018 Colophon: Recent publications, upcoming\/recent appearances, current writing projects, current reading Washington State&#8217;s capital gains tax proves we can have nice things (permalink) Washington State enacted a 7% capital gains tax levied on annual profits in excess of $250,000, and made a fortune, $600m more than projected in the first year, despite a 25% drop in the stock market and blistering interest rate hikes: https:\/\/www.theurbanist.org\/2023\/06\/01\/lessons-from-washington-states-new-capital-gains-tax\/ Capital gains taxes are levied on &#8220;passive income&#8221; &#8211; money you get for owning stuff. The capital gains rate is much lower than the income tax rate &#8211; the rate you pay for doing stuff. This is naked class warfare: it punishes the people who make things and do things, and rewards the people who own the means of production. The thing is, a factory or a store can still operate if the owner goes missing &#8211; but without workers, it shuts down immediately. Everything you depend on &#8211; the clothes on your back, the food in your fridge, the car you drive and the coffee you drink &#8211; exists because someone did something to produce it. Those producers are punished by our tax system, while the people who derive a &#8220;passive income&#8221; from their labor are given preferential treatment. The Washington State tax is levied exclusively on annual gains in excess of a quarter million dollars &#8211; meaning&#8230;<a href=\"https:\/\/pluralistic.net\/2023\/06\/03\/when-the-tide-goes-out\/\">Pluralistic: Washington State&#039;s capital gains tax proves we can have nice things (03 June 2023)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today&#8217;s links Washington State&#8217;s capital gains tax proves we can have nice things: We just need to tax the rich. This day in history: 2008, 2013, 2018 Colophon: Recent publications,&hellip; <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[973,739,300,380,1939,3026,626,961,1076,811,3023,681,3024,12,403,3025,295],"_links":{"self":[{"href":"https:\/\/www.godefy.com\/wp-json\/wp\/v2\/posts\/3811"}],"collection":[{"href":"https:\/\/www.godefy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.godefy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.godefy.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.godefy.com\/wp-json\/wp\/v2\/comments?post=3811"}],"version-history":[{"count":0,"href":"https:\/\/www.godefy.com\/wp-json\/wp\/v2\/posts\/3811\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.godefy.com\/wp-json\/wp\/v2\/media?parent=3811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.godefy.com\/wp-json\/wp\/v2\/categories?post=3811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.godefy.com\/wp-json\/wp\/v2\/tags?post=3811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}