An old tax idea is getting resurrected for the new year

[Yo_Mama_Been_Loggin]

OLYMPIA — An old idea for boosting tax receipts is getting revived and repurposed for 2019.

Gov. Jay Inslee is suggesting a new way of assessing the state’s share of the real estate excise tax, a growing source of money in what’s been an extended period of good times for sales of residential and commercial properties.

He wants to replace the flat rate of 1.28 percent imposed on each sale of property with a four-tier graduated rate that starts with a lower mark of 0.75 percent on any sale of property valued at less than $250,000.

The current rate of 1.28 percent would continue to be imposed on properties valued between $250,000 and $999,999. A new 2 percent rate would be levied on sales of properties valued between $1 million and $5 million, and 2.5 percent on properties valued above $5 million.

https://www.heraldnet.com/news/an-old-tax-idea-is-getting-resurrected-for-the-new-year/?utm_source=DAILY+HERALD&utm_campaign=e742f08705-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_d81d073bb4-e742f08705-228635337

[KT2000]

1. I like that

somewhere in our tax laws we have to account for the difference between the lower income and mega income.

[Wounded Bear]

2. Good idea...

for all of it's blueness, WA has a pretty regressive tax structure. We really need an income tax.