(RepublicanReport.com) – At both the federal and state levels, the Democrats of today are determined to implement tax and spend measures. Recent reports indicated that President Joe Biden is preparing a new federal plan to increase taxes for high earners.
At the state level, the Washington State House of Representatives narrowly passed a bill on Sunday, April 25, that will impose a new capital gains tax on various high-profit investment securities in the state. This money will then be put toward child care and early learning initiatives. The proposal now awaits the signature of Gov. Jay Inslee (D), who has been a strong advocate of the legislation since its inception.
However, not everyone is enthusiastic about the new bill. Opponents of the measures are preparing to mount a legal challenge against the legislation, claiming the proposed tax system will violate the state constitution.
Rep. Ed Orcutt provides our closing arguments against the Democrats’ new income tax on capital gains (Senate Bill 5096). Every House Republican voted against it. The bill is expected to be signed into law. #waleg https://t.co/4XXDZWYAp8
— Washington State House Republicans (@WaHouseGOP) April 25, 2021
At a time when many people have had their business interests decimated by COVID-19, Conservatives are justifiably worried that tax and spend measures like these could further deflate our economy.
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