House Republicans in Congress have proposed a "Border Adjustment Tax," which has generated no small amount of confusion (at a press conference this morning, Speaker Paul Ryan commandeered reporters' audio recorders for an impromptu tutorial).
The Tax Foundation is out with its annual rankings for state gas taxes (see map below), and Washington ranks second in the nation at 49.4 cents per gallon (numbers don't include the federal gas tax of 18.4 cents per gallon). But before you start wringing your hands, consider the Foundation's take on this particular form of taxation:
In this 90 Seconds episode we briefly cover our recent report on Washington businesses' tax contributions to state and local governments, and our state's high rankings for the tax burdens it places on business.
[Update 3:49pm -- Legislative language has now been released -- see here.]
We're out with a new policy brief on business taxation, "Washington State Businesses Pay 58 Percent of State and Local Taxes." It gives an overview of how and how much Washington businesses are taxed, and compares us to the rest of the country.
Here are some highlights:
Gov. Inslee’s education proposal would increase spending by $3.9 billion and add $4.4 billion in new taxes
We've put together a Policy Brief - which you can read in full here - on I-732, the statewide initiative on the November ballot that would create a new carbon tax in Washington.
Washington's Business and Occupation (B&O) tax stands out as one of the few gross receipts taxes (GRTs) still around in America. Last week the Tax Foundation wrote critically of GRTs, noting that
Though gross receipts taxes are business taxes and as such are sometimes viewed as progressive, in reality, they have potential to be more regressive than sales taxes as they pyramid and are passed on to consumers.
The Puget Sound Business Journal reported earlier this week on some new business that may be coming Washington state's way:
Spike Aerospace, a Boston startup developing an ambitious new supersonic business jet, is talking with Washington state officials and aerospace suppliers about possibly locating its new manufacturing plant in Seattle.