Budget - Washington Research Council

February 16 , 2012 - Kriss Sjoblom

Revision to state revenue forecast adds $95.7 million for 2011-13 biennium

The headline number for today's revision to the state general fund revenue forecast is a gain of $95.7 million, taking expected revenues for the 2011-13 biennium to $30.284 billion. However, $50.6 million of the $95.7 gain is due to actions taken in the December 2011 special session of the legislature allowing unclaimed property seized by […]

February 13 , 2012 - Kriss Sjoblom

State's monthly Economic and Revenue Update contains a bit of good news

The state Forecast Council’s monthly Economic and Revenue Update (available here), which was released this afternoon, contains a bit of good news on revenue collections over the last month. Here is the summary: The preliminary February forecast for the U.S. economy is similar to the November forecast, with continued concerns about downside risks. Washington’s economy […]

February 09 , 2012 - Richard S. Davis

Why it's a mistake to increase capital gains taxes

In an earlier column, I pointed out that several problems with proposals to tax capital gains in our state. With key legislators, including the Senate Ways and Means chair, still promoting the idea, I wanted to call attention to a recent blog post from the American Enterprise Institute. Some very effective debunking of prevalent myths. […]

February 01 , 2012 - Emily Makings

New Brief: The First 2012 Supplemental Budget

During this legislative session, legislators must close a significant 2011-13 budget shortfall. They started the work during the special session late last year. In a new policy brief today, we look at the 2012 supplemental that was enacted in December. It solved only part of the budget problem.

January 30 , 2012 - Richard S. Davis

Seattle Times, Microsoft executive urge action on higher education

Sunday’s Seattle Times carried a strong editorial page call to action. “Losing kids on the path to prosperity” charts a course from early learning through higher education. Editorial page editor Kate Riley explains the urgency. The state of Washington’s education system — and by system, we mean the ways we educate our citizens from birth […]

January 25 , 2012 - Richard S. Davis

Tax Foundation: WA has nation's 7th best business tax climate. There's more.

The Tax Foundation, a respected national tax policy research group, released its annual report ranking the business tax climate in the 50 states. As it has in the past, the group gives Washington generally high marks. This year, the state comes in No. 7, up one from last year’s 8th place ranking.   Here’s the […]

January 24 , 2012 - Emily Makings

New Brief: The Drag of Unfunded Commitments

During the current legislative session, legislators must close a significant remaining 2011-13 budget shortfall. When in a situation like this, it is tempting to suspend programs rather than eliminate them, in the hopes that the economy will improve in the next biennium. Indeed, legislators have deferred spending on various programs, in this biennium and previously. […]

January 19 , 2012 - Richard S. Davis

Proposed capital gains tax would add volatility to state tax structure

State Rep. Laurie Jinkins, D-Tacoma, has proposed a new, 5 percent capital gains tax. Introduced as HB 2563, the measure has picked up 26 Democratic sponsors and will doubtless generate a bit of buzz. At least the think tank that germinated the idea is pleased. Here’s what the Washington State Budget and Policy Center has […]

January 16 , 2012 - Richard S. Davis

Moving ahead with education reform despite state budget challenges

Last Friday, I noted that education reform dominated the first week of the legislative session. A good op-ed by Dean Allen, CEO of McKinstry Co. and current chair of the Washington Roundtable, explains the urgency. By 2018, two out of three family-wage jobs in our state will require post-secondary education or training. Yet, on average, […]