New special report: Has the State Finally Closed the Book on McCleary?
In a new special report, we dig in to EHB 2242, the education funding bill passed by the Legislature this session. Briefly:
Tax Foundation says the rich in America didn't pay significantly higher taxes in the 1950s
Recently The Tax Foundation looked into the commonly held belief that rich Americans used to pay much higher income taxes in the 1950s than they do today. It found that the difference between then and now isn't actually that significant:
Taking vetoes into account, the budget doesn’t balance over four years (plus, a note on minimum wage disemployment effects)
The Legislature passed a 2017–19 operating budget that balanced over four years; an outlook prepared for the compromise indicated unrestricted ending fund balances of $985 million in 2017–19 and $42 million in 2019–21.
Washington has highest estate tax in the nation
Last month the Tax Foundation came out with a special report on state's inheritance and estate taxes, which included a special distinction for Washington state:
The Evergreen State imposes the highest top marginal estate tax rate in the nation, imposing a 20 percent rate on taxable estate values above $9 million. The state has an inflation-adjusted exemption which currently stands at $2.129 million.
Research Council gets national nod for Growth Management Act report
We're pleased and honored to have received a Certificate of Merit for Most Distinguished Research from the Governmental Research Association, for our 2016 Special Report "The Growth Management Act at 25 Years."
The GRA's Most Distinguished Research category is for research that is
Legislature, AG to Court: McCleary response is complete
Yesterday the Legislature submitted what could be its final report to the state Supreme Court on its progress in responding to the McCleary decision.
Policy Today podcast: Manufacturing Tax Policy
Today we're discussing the manufacturing tax relief bill recently vetoed by Gov. Inslee.
You can read our Seattle Times op-ed on manufacturing jobs and tax policy here.
Studying the studies in the budget
Tucked into the $43.7 billion operating budget are several requirements for studies and audits. They didn’t make it into our overview of the budget, but I thought some are worth highlighting:
New brief: Legislature Passes 2017–19 Operating Budget That Increases Spending by $5.3 Billion
In a new policy brief, we provide an overview of the 2017-19 operating budget, as passed by the Legislature on June 30. Briefly:
Our Seattle Times op-ed on manufacturing jobs & state tax policy
We have an op-ed in today's Seattle Times on Gov. Inslee's recent veto of a reduced Business & Occupation (B&O) tax rate for manufacturing companies in Washington state. We argue that manufacturing jobs are a crucial component of providing workers with good-paying middle-class jobs, and that tax incentives will encourage companies to come here, stay here and possibly expand here: