Today we're discussing the K-12 education funding bill passed by the state Legislature, in response to the state Supreme Court's McCleary ruling on basic education. In this episode we cover funding and policy changes; in the next episode we'll cover tax revenues.
To read our Special Report on the McCleary bill, click here.
In a new special report, we dig in to EHB 2242, the education funding bill passed by the Legislature this session. Briefly:
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.
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.
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
Yesterday the Legislature submitted what could be its final report to the state Supreme Court on its progress in responding to the McCleary decision.
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:
In a new policy brief, we provide an overview of the 2017-19 operating budget, as passed by the Legislature on June 30. Briefly: