New policy brief: Initiative 1631: Putting a Price on Carbon
This November, voters are being asked to approve Initiative 1631, which would impose a fee on fossil fuels sold or used in the state. The fee would be based on the quantity of greenhouse gases released when the fuel is combusted. The initial rate for the fee would be $15 per carbon dioxide equivalent metric […]
September 05 , 2018 - WRC
New special report: Manufacturing Jobs Part III: A Costly and Uncertain Regulatory Burden Harms Competitiveness
Regulations serve an important role in our economy, but if they are too costly, they can have a negative impact. Consequently, cost-benefit analysis of proposed regulations has long been considered a best practice. Federal regulations could cost up to $2 trillion a year, and regulations are particularly costly for manufacturers. Washington ranks poorly in interstate […]
August 27 , 2018 - WRC
New policy brief: I-1634: Nipping Local Food Taxes in the Bud
Initiative 1634 will be on the ballot in November. It would ban local taxes on groceries (except insofar as they are subject to general state and local retail sales taxes). Although the impetus for the initiative is Seattle’s sweetened beverage tax, that particular tax would be allowed to continue. No other jurisdictions are considering grocery […]
July 12 , 2018 - WRC
New special report: Getting the Tax Structure Right: It’s Complicated
Read the full report here. Briefly: Charges that Washington has the nation’s most regressive state and local tax structure stem from a 2015 report by the Institute on Taxation and Economic Policy (ITEP). The ITEP analysis contains a number of methodological flaws that lead it to overstate the tax burden on low-income households nationally and, […]
June 13 , 2018 - Emily Makings
New special report: Manufacturing Jobs Part II: Education and Workforce Development Strategies to Close the Skills Gap
In a new special report, we continue our series on manufacturing jobs with a look at education and workforce development strategies. The executive summary follows, and you can read the full report here. Manufacturers in Washington state face ongoing workforce challenges. The strong economy and growing retirements from the Baby Boom generation have created substantial […]
April 24 , 2018 - Emily Makings
New economic profile: Banking in Washington
Banks provide thousands of good jobs and generate thousands more through their economic activity. They provide access to the capital needed by new and established businesses alike. For individuals and families, they offer a safe place to deposit earnings, save for the future, and borrow money. And through their philanthropic activity, they support programs and […]
March 15 , 2018 - Emily Makings
New policy brief: In the 2018 Supplemental, the School Salary Increase is Fully Funded, But the Rainy Day Fund is Shortchanged
As passed by the Legislature, the 2018 supplemental operating budget increases near general fund–state plus opportunity pathways spending by $941.0 million. Appropriations for 2017–19 now total $44.649 billion. The supplemental does not levy new taxes, and it reduces property taxes in 2019. It also fully funds the increase in school salaries in SY 2018–19, as […]
February 28 , 2018 - Emily Makings
New policy brief: The Senate- and House-Passed Supplemental Budgets Would Fully Fund School Salary Increases
The Senate and House have passed 2018 supplemental budgets that would increase NGFS+ spending by $1.117 billion and $380.4 million, respectively. Both would fully fund the increase in school staff salaries required by the McCleary decision, which should satisfy the state Supreme Court. Also, both the Senate and House would reduce state property taxes—but they […]
February 15 , 2018 - Emily Makings
New policy brief: Capital Gains Tax is a Not-So-Capital Idea
A capital gains tax (HB 2967) is currently under consideration in the Legislature. The questionable constitutionality of the tax makes it a risky source of revenue, whether for the schools as previously proposed or property tax relief now. Moreover, should the legislation somehow clear the high constitutional bar, the volatility of the tax would add […]
January 25 , 2018 - Emily Makings
New policy brief: ERFC Adopts Outlook for Governor’s Supplemental Budget Showing It Balances Over Four Years
The Economic and Revenue Forecast Council (ERFC) has adopted an outlook based on Gov. Inslee’s 2018 supplemental operating budget proposal. The supplemental would increase 2017–19 NGFS+ spending by $960.8 million and it would leave $2.151 billion in total reserves in 2017–19. According to the outlook, the proposal would leave an unrestricted ending fund balance in […]