Did you know???
Your retirement account is now on the tax menu and Olympia is hungry
Thread 1/13
Previous WA state law specifically exempted retirement money from taxation and other state confiscation.
“Subject to subsections (2), (3), and (4) of this section, the right of a person to a retirement allowance, disability allowance, or death benefit, to the return of accumulated contributions, the retirement, disability or death allowance itself, any optional benefit, any other right accrued or accruing to any person under the provisions of this chapter, and the moneys in the fund created under this chapter, are hereby exempt from any state, county, municipal, or other local tax and shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or any other process of law whatsoever, whether the same be in actual possession of the person or be deposited or loaned and shall be unassignable.”
However
The new WA state unconstitutional income tax explicitly names and eliminates that exemption effectively repealing the protection— the legislature amended eleven statutes and add a sentence to each one.
Not one single newspaper (looking at you Seattle Times) has covered this in any detail whatsoever….
Read the actual RCW wording and find the link yourself below for each of the individual retirement plans.