Fisher Investments says it’s moving to Texas over capital gains tax ruling in home state

. The 72-year-old ranks 150th among the 400 richest Americans with a net worth estimated at $6.7 billion.that applies a 7% tax on the sale of financial assets such as stocks and bonds. The tax applies to profits over $250,000 but not to real estate or retirement accounts.

Those challenges centered around whether a capital gains tax amounted to a property tax, which the state’s constitution limits to 1% annually, or an income tax, which court decisions dating to the 1930s found to be unconstitutional. The Washington justices found it to be an excise tax – broadly defined as a tax on certain goods, services or activities.

Washington is one of nine states without an income tax, and its heavy reliance on sales and fuel taxes to pay for schools, roads and other public expenses falls disproportionately on low-income residents.

Sorry, we’re full.

Should have left sooner

Betting they’ll get pushback from employees. Texas isn’t a safe place.

I wonder how many female employees will move to Texas

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Source: Reuters - 🏆 2. / 97 Read more »