Blog

State tax collections again exceed forecast

Today’s monthly report from the state’s Economic and Revenue Forecast Council (ERFC) on general fund revenue collections once again brought good news. For the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively the Revenue Act receipts), this report covers payments […]

In Washington 15,644 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 22,784 initial claims for unemployment insurance during the week ending February 6. Of this total, 15,644 initial claims were filed under the regular state unemployment insurance program; 3,150 claims were under the federal pandemic […]

A wealth tax for all?

A bill has been introduced in the state house of representatives that would impose a 1 percent wealth tax on financial assets held by the state’s wealthiest residents. This bill, house bill 1406, received a hearing before the house finance committee on Tuesday. The text of the bill is here. The fiscal note for the […]

In Washington 16,102 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 26,316 initial claims for unemployment insurance during the week ending January 30. Of this total, 16,102 initial claims were filed under the regular state unemployment insurance program; 3,623 claims were under the federal pandemic […]

There’s no need to raise taxes (especially if there’s no need to use the rainy day fund)

Geekwire reports that in a hearing this week on the proposed wealth tax, Gravity Payments CEO Dan Price said, of the wealth tax, “We have a $3.3 billion budget deficit that needs to be closed. There’s an easy way to close it.” Washington does not have a $3.3 billion budget deficit. The Economic and Revenue […]

Proposed covered lives tax would fund public health, but not until 2023

One of the new taxes in Gov. Inslee’s operating budget proposal is a “covered lives assessment.” This charge on health insurers would fund “new and ongoing investments in foundational public health services.” The tax has been introduced as SB 5149, and the bill was heard by the Senate Committee on Health & Long Term Care […]

Update on personal income, consumer spending and saving rates during the Covid-19 recession

Here are updates of two charts I have previously posted regarding income and consumer spending during the Covid-19 recession, including new numbers for December and revisions to numbers for prior months. These numbers come from the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA). On the first chart, the stacked columns show estimated personal […]

In Washington 19,212 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 31,776 initial claims for unemployment insurance during the week ending January 16. Of this total, 19,212 initial claims were filed under the regular state unemployment insurance program; 4,482 claims were under the federal pandemic […]

State tax collections again exceed forecast

Today’s monthly report from the state’s Economic and Revenue Forecast Council (ERFC) on general fund revenue collections once again brought good news. For the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively the Revenue Act receipts), this report covers payments […]

Recommendations for Washington from the Senate’s Special Committee on Economic Recovery

Last May, the Senate formed the bipartisan Special Committee on Economic Recovery “to address the state’s long-term economic recovery from the coronavirus pandemic.” After four meetings last year, the committee released its recommendations this week. There is a lot here, and some recommendations are more specific than others. They are grouped in five categories. Some […]