New Policy Brief: COST Study on Business Tax Burden
We have posted a policy brief on the 2012 edition of Ernst & Young’s annual study of state and local business tax burdens, which is published by the Council on State Taxation (COST). In fiscal year 2011, businesses paid a total of $16.3 billion in state and local taxes in Washington, representing 5.5 percent of […]
August 06 , 2012 - Kriss Sjoblom
OFM Budget Outlook for 2013-15 and 2015-17
The state Office of Financial Management (OFM) has prepared a new “Four-Year Outlook” projecting the paths of state revenue and spending out through the end of the 2015-17 biennium assuming that the policies embedded in the 2012 supplemental state budget are maintained. Under this assumption, OFM projects NGFS+ spending (i.e. spending from the general fund–state, […]
July 11 , 2012 - Kriss Sjoblom
Monthly state revenue collections beat forecast by $66.5 million
The Economic and Revenue Forecast Council’s monthly Economic & Revenue Update is out today, and the results were quite good for a change. For the June 11 to July 10 month, general fund–state revenue collections were $66.5 million greater than the forecast, which was revised just 3 weeks ago. The economic outlook remains clouded, however, […]
June 22 , 2012 - Kriss Sjoblom
State Tax Notes: Washington State Falls Short on Transparency
Our Policy Brief Five Keys to Evaluating a Tax System highlights transparency’s importance. A recent article by Cara Griffith in State Tax Notes (“Washington State Falls Short on Transparency,” June 18, 2012) calls out the Department of Revenue for a lack of transparency. By insisting on keeping the contents of its letter rulings and most […]
June 15 , 2012 - Kriss Sjoblom
Adam Smith's four maxims regarding taxation
As a follow-up to the Policy Brief we posted yesterday (Five Key’s to Evaluating a Tax System), here is the full quotation of Adam Smith’s four maxims on taxation:
June 14 , 2012 - Kriss Sjoblom
New Policy Brief: Five Keys to Evaluating a Tax System
We have posted a Policy Brief, Five Keys to Evaluating a Tax System, that explains the principles the Research Council uses when evaluating tax policies.
June 13 , 2012 - Kriss Sjoblom
Preliminary estimate of 11,700 jobs added in Washington in May is likely to be revised downward
The state Employment Security Department released the Monthly Employment Report for May this morning. The preliminary estimate is that the state added 11,700 jobs from April to May. As I noted in an earlier post, initial estimates of employment are sometimes subject to significant revisions. The figure released today is likely to be revised downward […]
June 11 , 2012 - Kriss Sjoblom
May 11 to June 10 state revenue collections were $15.1 million greater than forecasted
The Economic and Revenue Forecast Council’s monthly Economic & Revenue Update is out today. For the May 11 to June 10 month, “headline” general fund–state revenue collections were $15.1 million greater than the forecast. However, excluding special factors–$16.3 million in unanticipated refunds and a $31.4 million one-time transfer to the general fund–collections were $1.1 million […]
May 29 , 2012 - Kriss Sjoblom
The Way We’re Taxed: A Brief History
Here’s a link to the WRC’s new policy brief: The Way We’re Taxed: Brief History.
May 25 , 2012 - Kriss Sjoblom
Preliminary Economic Forecast Posted by Economic and Revenue Forecast Council
The preliminary quarterly update to the Economic and Revenue Forecast Council’s forecast of the state economy was posted on Wednesday. The summary memo to the Governor’s Council of Economic Advisers is here. Detailed tables are here. The preliminary forecast will be reviewed at a public meeting in Olympia on May 31, and may be revised […]