Jaw-dropping $13 billion tax package passed by House Democrats

by | Apr 3, 2015

 This is what happens in Olympia without the 2/3 protection:

HB 2224, titled AN ACT Relating to investing in education and essential public services by modifying and improving the fairness of Washington’s excise tax system by enacting an excise tax on capital gains, narrowing or eliminating tax preferences, reinstating a previously expired business and occupation surtax while increasing the small business tax credit, and implementing marketplace fairness in Washington, has been introduced in the House of Representatives. The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.

Ten-year projection:

Fiscal Year Business & Occupation Tax Capital Gains Tax Real Estate
Excise Tax
Retail Sales Tax Use Tax Total  
 
   
2016 $ 292,199,000   $ 38,013,000 $ 82,055,000 $ 14,401,000 $ 426,668,000  
2017 336,879,000 $ 571,000,000 43,912,000 93,955,000 15,884,000 $ 1,061,630,000  
2018 355,338,000 627,000,000 45,568,000 97,616,000 16,040,000 $ 1,141,562,000  
2019 379,538,000 647,000,000 47,291,000 150,866,000 16,199,000 $ 1,240,894,000  
2020 403,589,000 665,000,000 50,410,000 211,379,000 16,359,000 $ 1,346,737,000  
2021 430,381,000 682,000,000 51,624,000 279,581,000 16,521,000 $ 1,460,107,000  
2022 455,756,000 702,000,000 53,689,000 296,684,000 16,684,000 $ 1,524,813,000  
2023 482,633,000 702,000,000 55,836,000 314,909,000 16,849,000 $ 1,572,227,000  
2024 511,108,000 702,000,000 58,069,000 332,742,000 17,016,000 $ 1,620,935,000  
2025 541,270,000 702,000,000 60,392,000 351,807,000 17,186,000 $ 1,672,655,000  
   
Total: $4,188,691,000 $6,000,000,000 $504,804,000 $2,211,594,000 $163,139,000 $13,068,228,000

          Passed by voters in 2007, Initiative 960 requires a 10 year cost projection for any tax increase bill.  

           Printed above is the jaw-dropping cost projections for the various tax hikes proposed by the House Democrats (all 51 of whom voted yesterday to impose them):  over $13 billion in its first 10 years.

           None of these tax hikes are temporary, they’re all permanent.  So it is totally appropriate to look at both the short-term and long-term costs to the taxpayers.

          Add this $13 billion tax package to the Senate’s $15 billion transportation tax package, which includes Sound Transit’s authorization to impose another $11 billion, and I think all of Washington’s citizens are shocked and stunned by Olympia’s massive $39 billion tax attack this session. 

         This is what happens in Olympia when there isn’t a 2/3 vote requirement for tax increases.

          The most effective way to fight back is by helping us get the 2/3-For-Taxes Constitutional Amendment Initiative on the ballot.  This is the most exciting, impactful, needed initiative we’ve ever done.  Voters clearly need protection from Olympia’s insatiable tax appetite.  

          Success is the only option with the signature drive for I-1366.   Please help us make it happen. 

© 2020 Permanent Offense

 

© 2020 Permanent Offense