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Washington State Budget Cuts $5.2 Billion — and Counting

Washington State Budget Cuts $5.2 Billion — and Counting

September 17, 2010

Over 3 budget years from 2009 to 2011, Washington State has grappled with a $12 billion shortfall between the projected need for public services and state revenues – which have plunged because of the recession. Federal stimulus money and the

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Posted in An Inclusive Economy, Funding Public Services, Progressive Tax Reform

Initiative 1098: How will Washington’s effective income tax rates stack up?

Initiative 1098: How will Washington’s effective income tax rates stack up?

August 30, 2010

Short Answer: The top 1%of taxpayers in Washington will have an average effective tax rate of 4%. That puts Washington’s ranking for this group of wealthy taxpayers at 27th out of the 44 states (including Washington, D.C.)that tax income.1 (See

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Posted in An Inclusive Economy, Progressive Tax Reform

Initiative 1098: The Right Tax Reform for Stronger Schools and Health Care

Initiative 1098: The Right Tax Reform for Stronger Schools and Health Care

August 16, 2010

Why Washington needs tax reform: Washington’s tax system is upside down. Middle-class and low-income residents pay too much in tax, and the wealthiest pay far less than in other states. Small businesses pay a much larger share of their revenues

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Posted in An Inclusive Economy, Progressive Tax Reform

Initiative 1098: Fixing the most regressive tax system in the country

Initiative 1098: Fixing the most regressive tax system in the country

June 30, 2010

Background   A regressive tax is one that takes a larger percentage of the income of low‐income people than of high‐ income people. The Institute on Taxation and Economic Policy (ITEP) has concluded Washington State has the most regressive tax

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Posted in An Inclusive Economy, Progressive Tax Reform

Initiative 1098: Will business owners pay state income tax?

Initiative 1098: Will business owners pay state income tax?

June 17, 2010

Initiative 1098: Will business owners pay state income tax? Short Answer: According to IRS data, only a small percentage of Washington business owners would pay state income tax under I-1098. Of those Washington tax filers claiming net business income from

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Posted in An Inclusive Economy, Ending Corporate Tax Breaks

Initiative 1098: How will a 20% reduction in the state property tax affect residential and commercial property owners?

Initiative 1098: How will a 20% reduction in the state property tax affect residential and commercial property owners?

June 17, 2010

How will Initiative 1098’s property tax reductions affect business and property owners? Short Answer: Initiative 1098 includes a 20% across-the-board cut in the state portion of the property  tax levy, which will reduce property taxes for both businesses and individuals

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Posted in An Inclusive Economy, Funding Public Services, Progressive Tax Reform

Initiative 1098: What is Considered a ‘Small Business’?

Initiative 1098: What is Considered a ‘Small Business’?

June 3, 2010

Initiative 1098: What counts as a small business? Short Answer: I-1098 will eliminate the Business and Occupation (B&O) tax for Washington’s small businesses by increasing the B&O tax credit from $420 to $4,800 per year. According to a Washington  Department

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Posted in An Inclusive Economy

Where Do the Wealthy Live? High Incomes and State Income Tax Rates

Where Do the Wealthy Live? High Incomes and State Income Tax Rates

April 21, 2010

Short Answer: There is no correlation between a state’s income tax rate and the percentage of wealthy households living there. Since 43 out of 50 states have a state income tax, most Americans accept it as the norm. Background :

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Posted in An Inclusive Economy, Progressive Tax Reform

Washington’s Estate Tax: Revenue for Higher Education and Early Learning

Washington’s Estate Tax: Revenue for Higher Education and Early Learning

February 24, 2010

Washington has had an inheritance or estate tax since 1901. The United States has had an estate tax in place since 1916. Initiative 920, which would have repealed Washington’s estate tax in November 2006, was resoundingly defeated by the people,

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Posted in An Inclusive Economy, Progressive Tax Reform

Exemptions to Ax – Sins to Tax: Revenues to Rebuild Our Economic Future

Exemptions to Ax – Sins to Tax: Revenues to Rebuild Our Economic Future

February 20, 2010

These fact sheets summarize a budget solution that closes Washington’s $2.8 billion shortfall this year — and provides long-term budget stability in future years. By closing tax exemptions that no longer serve a compelling public purpose and carefully choosing new

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Posted in An Inclusive Economy
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