WebApr 13, 2024 · The court explained that a line of cases beginning with Culliton v. Chase 11 in 1933 “defines a ‘property tax’ as a tax on the mere ownership of property, while an ‘excise tax’ applies to the exercise of rights in and to property or the exercise of privilege.” Unlike a property tax, taxpayers do not owe the LTCG tax merely by virtue ... WebMar 24, 2024 · But as the Court accurately noted: “This tax is wholly unlike the broad-based net income taxes we previously invalidated under Culliton.'” [They are referencing the …
Capital gains tax challenge reaches Washington …
WebMar 26, 2024 · Seeking to overturn a lower court ruling blocking Washington state’s new capital gains tax, the attorney general’s office on Friday asked the state Supreme Court to take up the case… Read More WebDec 29, 2024 · The following year, the state Supreme Court invalidated the tax in its Culliton v. Chase decision, noting “it would certainly defy the ingenuity of the most profound lexicographer to formulate a more comprehensive definition of ‘property’ than that found in the Washington State Constitution.” crypto nfts meaning
Opinion: The truly worrisome result of the Supreme Court’s decision
WebMar 21, 2024 · Those are references to state Supreme Court decisions, including the 1933 Culliton v. Chase case in which the justices invalidated a voter-approved progressive … WebIn sum, the court concluded that because the capital gains tax is imposed on the sale of assets, rather than on their ownership, the tax was properly characterized as an excise tax, even though it was measured by taxpayer’s gains from those assets. As a reminder, the first capital gains tax payment is due on April 18, 2024. WebApr 11, 2024 · Superior Court Judge Brian Huber ruled in March that under the reasoning of the state high court's 1933 ruling in Culliton v. Chase , the tax is an income tax. crypto niche