Tax Relief

Senate Republicans transfer ahead with sweeping proposal for tax breaks, reforms to assist households and job creators – ClarkCountyToday.com

Senator Lynda Wilson said the capital gains tax, which was passed by a Democratic majority in 2021 but would not be levied until 2023, could be lifted without affecting public finances

Republicans in the state Senate have tabled a comprehensive plan to cut homeowners ‘property taxes and manufacturers’ business taxes while preventing a state income tax and abolishing the new Washington worker payroll tax.

Senator Lynda Wilson, R-17

The Tax Relief and Reform Act of 2022 (Senate Bill 5769) supports one of the Senate Republicans’ top priorities for this year’s legislature, which began Monday: return to affordability.

“Between billions in new taxes from the majority and the highest rate of inflation in 40 years, it costs people a lot more to live in Washington. Families are more concerned about buying groceries and gasoline and paying to heat their homes. We need a return to affordability, and so it begins – with tax breaks and reforms that will benefit countless people in our state, “said Senator Lynda Wilson, Republican head of budget in the Senate.

Despite the pandemic, the state government has more than $ 10 billion in surplus. Wilson (Republican, 17th Ward) says that would be more than double to offer progressive property tax relief by exempting the first $ 250,000 of a home’s value from state property tax, as well as Washington trade and business taxes Production will be abolished. Sector that provides well-paid jobs nationwide but needs help to grow.

Wilson said the capital gains tax, which was passed by a Democratic majority in 2021 but would not be levied until 2023, could be lifted without harming public finances, thereby preserving Washington’s competitive advantage. The new payroll tax, which went into effect Jan. 1, will charge workers more than $ 1.3 billion each year to support a financially unsound program, she said.

“I am confident that at this session Republicans will come up with proposals related to public safety, K-12 education, homelessness, mental health, transportation, and more. We recognize that there is an important need in these areas and that can be addressed independently of this package of tax breaks and reforms – it is not an either / or, ”said Wilson.

“The governor’s comments yesterday on the state of the state showed that he shares some of these concerns, but it is clear that, unlike Democratic and Republican governors in other states, he disagrees with us on the importance of tax breaks and reforms . “Added. “While a recent nationwide poll shows that Washington’s people are most concerned about the economy – which means their budget to me – the top Senate and House Democrats seem to be just as reluctant as the governor, a significant, direct one We have put tax relief on the table. I hope that will change. “

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