Contact: Lexi Koren, lexi@powerhouse-strategic.com
504-858-7209
In response to the newly released revenue forecast today, Treasure Mackley, Executive Director of Invest in Washington Now issued the following statement:
“The latest revenue projections continue to show the impacts of our state’s upside-down tax code. Revenues continue to not keep up with projections because the wealthy few continue to get wealthier without having to pay what they truly owe in taxes.
Additionally, this forecast doesn’t take into account the possible loss of revenue from a recession caused by Trump’s tariffs nor possible massive spending cuts to Medicaid, education, and other essential services. This volatility at the national level is all the more reason for the legislature to pursue new progressive revenue.
Washington’s richest 1% contribute a smaller share of their wealth to our state’s education, housing, and health care than the top 1% do in Idaho, Montana, and even Texas. In Idaho this year they are talking about increasing funding for public schools, providing raises for teachers and bolstering state savings accounts, while our state is considering drastic cuts.
The fact is that we can’t cut our way out of this budget crisis – and it doesn’t have to be this way. There are plenty of resources here in Washington – all we need to do is ask the wealthy few to do their part just like the rest of us have been doing all along.
More information about how Washington’s budget has declined as a percentage of GDP since the 1990s and taxes the wealthy few far less than other states is available on Washington State Budget and Policy Center’s Website.
About Invest in Washington Now
Invest In Washington Now is a network of over 120,00 Washingtonians from across the state united for a just and equitable tax code. We led efforts to pass the state’s capital gains tax on extraordinary profits and defended it at the ballot last year by defeating Initiative 2109 with over 64% of the vote.
Learn more at investwanow.org.
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