Taxation

WR is very concerned with the Governor’s proposals to institute a capital gains tax of 9 percent and to increase the services business and occupation tax by 67 percent.

Both of these bills will hurt our smallest retailers the worst. A small, family-owned retailer works years building up their business in the hopes that someday they will be able to sell and retire and live off the proceeds. They have paid the property tax, B&O tax, collected the sales tax and employed people for years. It is wrong to impose a tax on their retirement. Increasing the service B&O tax will increase the costs of doing business for small retailers. Most small retailers do not have in-house legal, accounting, or payroll services. Instead, they contract out for them. The 67 percent increase in the B&O tax will just get passed onto small retailers and make it more difficult for them to be profitable. WR strongly opposes both of these measures.