State Income Tax Will Bring in More Money than First Expected
State analysts now expect 25,000 households to pay the 9.9% levy, up from 21,000, and collections could rise to $3.1 billion.
- The Washington Department of Revenue revised its high-earner income tax projections, predicting $3.1 billion in the initial fiscal year and roughly $8.3 billion for the 2029-31 biennium.
- Improved economic conditions drove the upward revision, with state analysts finding 25,000 households will pay the 9.9% tax on income above $1 million, up from 21,000 estimated during the last legislative session.
- Gov. Bob Ferguson and lawmakers previously counted on $2.7 billion for the next budget and $6.9 billion for the following cycle, figures now appearing in voter pamphlets ahead of Initiative 645 on Nov. 3.
- Initiative sponsor Brian Heywood questioned the calculations, claiming they assume a static population, and sarcastically stated, "Why would you trust anything that comes out of Olympia," alleging a pattern of inaccurate releases.
- Agency spokesperson Mikhail Carpenter stressed the figures "are just that, estimates," noting the September forecast may refine projections, though the fiscal impact statement will not be updated regardless of new information.
20 Articles
20 Articles
Seattle Weekly
State income tax will bring in more money than first expected
A new analysis from the state Department of Revenue shows Washington’s high-earner income tax will be paid by thousands of additional households and produce hundreds of millions of dollars more than previously assumed — if voters don’t ditch it this fall.
Washington state revenue officials: Income tax will bring in more money than first expected
A new analysis from the state Department of Revenue shows Washington’s high-earner income tax will be paid by thousands of additional households and produce hundreds of millions of dollars more than previously assumed — if voters don’t ditch it this fall. These larger figures will be in front of voters as they decide whether to repeal the tax in the Nov. 3 election. If voters uphold the tax, it could mean lawmakers need to make fewer cuts to bal…
Washington state revenue officials: Income tax will bring in more money than first expected - The Daily Chronicle
A new analysis from the state Department of Revenue shows Washington’s high-earner income tax will be paid by thousands of additional households and produce hundreds of millions of dollars more than previously assumed — if voters don’t ditch it this fall. These larger figures will be in front of voters as they decide whether to repeal the tax in the Nov. 3 election. If voters uphold the tax, it could mean lawmakers need to make fewer cuts to bal…
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