Washington got a clear warning that its reliance on reserves and one-time maneuvers to balance the budget endangers the state’s strong credit rating, which could worsen financial challenges.
Opponents of Washington’s new income tax on high earners filed a lawsuit April 9, arguing the controversial law is unconstitutional and in conflict with nearly a century of state Supreme Court precedent.
Opponents of Washington’s new income tax asked the state Supreme Court on April 3 to allow them to pursue a referendum in hopes of giving voters a shot at repealing the controversial new law this November.
The $16.6 billion supplemental budget expends about $1.2 billion more than the two-year transportation spending blueprint lawmakers approved last year. Under another bill, Washington will do more borrowing to cover added transportation spending.
Washington Democratic Gov. Bob Ferguson on March 30 signed historic legislation creating an income tax, saying it is a critical step toward making the state’s system of taxation less regressive.
Drawing from an array of federal and state data, a new analysis shows the state’s cost of living rising faster than the national average over that time, with only California, New Jersey, Hawaii and Washington, D.C. considered more expensive in 2023.
Democrats in the Washington Legislature released a budget deal Wednesday balanced with one-time maneuvers, siphoning of rainy day reserves and slashing of child care funding.
It took over 24 hours of grinding floor debate, but Democrats in the Washington House approved an income tax Tuesday on households earning over $1 million a year.
Democrats have the votes to push through their proposed 9.9% income tax on household earnings over $1 million a year. For Republicans at this point, the main way to oppose the policy, which they despise, is to saddle the bill with many amendments.
