Sure, but in his tax bracket, just the money he saves in state income tax compared to California will likely buy multiple mansions.
He doesn't worry about "tax brackets" -- those apply to income tax. He has minimal income compared to his capital gains from selling stock. So he wants to minimize capital gains taxes. So you have this...
FAQ: Understanding who will pay Washington’s new capital gains tax and potential exemptionsNote it is RETROACTIVE to January 2022!
By Nate Beck, March 30, 2023The legality of a capital gains tax was upheld by the Washington state Supreme Court last week, drawing questions about who is subject to the tax and the broader impact on the region’s business sector.
Seattle tech leaders had mixed reactions to the ruling. Advocates say it’s one way that Washington’s regressive tax laws can be altered to help low-income and rural communities. Opponents fear it will drive businesses out of the state.
Washington is one of nine states with no personal income tax; it generates most of its revenue through sales, property, and business and occupation (B&O) taxes.
An estimated 7,000 households — the wealthiest in the state — are estimated to be affected by the capital gains tax law.
The tax, which will help fund early-childhood education programs and school construction, is drawing national attention. The Wall Street Journal’s editorial board wrote that Democrats will use the judicial ruling to “redefine other income taxes as excise taxes.”
The law imposes a 7% tax on capital gains of more than $250,000 from the sale of stocks, bonds, and other assets.
The tax applies to gains made on or after January 2022 and the first payment is due on or before April 18 of this year [2023]. It’s paid on a calendar year basis. It affects individuals, not business entities (with some exceptions, as noted below).
A 7% tax on a (say) billion dollar stock sale is a pretty chunk of change. Yet this skunk is denying those needy people and young pupils in Washington state (where he lived for decades and got rich) the benefit of his tax money. What a hypocritical liberal hypocrite.