Washington State Declares LT Capital Gains as Non-Income: No April Fools Here

**Title: Washington State Taxes Update: Long-Term Capital Gains as Excise Tax**

**Description:**
In this eye-opening video, we delve into the recent tax reforms in Washington State that have raised eyebrows and left taxpayers with questions. Discover how Washington State has redefined long-term capital gains as an excise tax, paving the way for a challenging tax landscape.

**Keywords/Tags:**
taxes, Washington State, long-term capital gains, excise tax, tax reforms

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**Video Transcript:**

So, a friend of mine recently shared an article from *The Wall Street Journal* that caught my attention. As someone who relocated from Oregon to Washington State primarily for tax reasons, this was crucial news. We all know how high Oregon taxes can be, right?

Now, here’s the interesting part. Washington State, known for not having an income tax, has made a bold move. They have introduced a tax on long-term capital gains—specifically, long-term capital gains. It’s not a tax on income per se, but rather categorized as an excise tax. It’s worth diving deeper into this topic, trust me.

Take note, though. The state does provide a limit or deductible of $250,000 for long-term capital gains. So, if your gains fall below this threshold, you won’t have to worry about filing for an *excise* tax, not an income tax, on that particular amount. But, the state is still striving to collect its share.

Tax laws can be complex and ever-evolving. It’s essential to stay up-to-date and understand the nuances of your local tax environment. So, remember to keep a close eye on your tax laws.

If you found this video informative, don’t forget to like and subscribe. Stay tuned for more valuable insights on taxes and related topics!

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**Sources:**

– [*The Wall Street Journal* – Washington State’s Tax Reforms](https://www.wsj.com/article/washington-state-tax-reforms)
– [*IRS* – Understanding Capital Gains and Losses](https://www.irs.gov/taxtopics/tc409)

In what you would think is an April fools joke, Washington State has decided Long Term Capital Gains is no longer income, and subject to an Excise Tax. Since they cannot tax income, they had to play this redefinition.