Washington State Wealth Taxstravaganza
Decamp de jour
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Important additional notes on Basis Northwest…
(1) ⚾️ Mariners game Friday evening 5/29
Basis Northwest:
W 5/27: Evening meet ‘n greet (stay tuned for specifics)
R 5/28: Talks + happy hour (and unofficial after-hours TBD)
F 5/29: Talks ending Friday afternoon + Mariners game (7:10 PM)
👉👉👉 Fill out this form if you are interested in attending the game.
(2) Tax-aware long/short practitioner group
I blocked a 75-person room for the inaugural meeting of the Tax-Aware Long/Short Practitioner Group (catchy acronym forthcoming…) at Basis Northwest, but interest far outstripped 75. So I booked a larger room. There’s nothing to do except show up and put your body in the right room, which will be clearly indicated at the event.
Next, advisers have been asking about a dissenting tax-aware long/short panel, so I’m pleased to say I’m putting it together. See my tweet below for how I’m thinking about it.
I’m open to suggestions.
Washington State Wealth Taxstravaganza
This is my legislation tracker for WA State. You’ll note the income tax has advanced to the governor’s desk, and he’s indicated he’ll sign the bill.
In some preliminary analysis, Tax Foundation noted Seattle and WA State could have some of the highest income tax rates in the country.
Coincidentally, Howard Schultz moved to Miami.
The famous Starbucks headquarters will remain in Seattle, as will Schultz’ foundation (though not his family office).
As an interesting aside, the Starbucks headquarters building is located in an Opportunity Zone. I know the area well (it’s near the baseball stadium).
I don’t think we know yet whether this area will remain an opportunity zone in OZ 2.0 (updated tracts coming mid 2026).
WA State ignores the federal treatment of QOFs for its capital gains tax.
So, while the federal tax benefits of opportunity zone investing can be substantial (don't let the tax tail wag the dog, etc.), Washingtonians will likely owe WA cap gains tax on realized capital gains above the WA standard deduction.
State non-conformity is relatively common, but that's a topic for another time, as is an update on OZs more broadly.
Boat
If you were on the fence about attending the May 29 Mariners game, this should tip you into “yes, I’m definitely going” territory.
TGIF
curious to see if this gets challenged