Statement from Rep. Luanne Van Werven on taxpayer dollars contributing to surge in latest state revenue forecast
Key facts:
- The Economic and Revenue Forecast Council (ERFC) released its state revenue forecast Wednesday, Feb. 19.
- Compared to the November forecast, revenue for 2019-21 increased by $606 million and for 2021-23 increased by $536 million (an increase of $1.142 billion over the four years).
- Forecasted revenue for the 2019-21 biennium is now $52.3 billion, an increase of 13.6% above the 2017-19 biennium.
- Forecasted revenue for the 2021-23 biennium is now $55.7 billion, an increase of 6.4% above the 2019-21 biennium.
Statement from Rep. Luanne Van Werven on the revenue forecast:
“It is great to see the economy producing more revenue for our state. The $1.1 billion increase in taxpayer dollars coming in to state coffers gives our state a $2.4 billion budget surplus. It is time to give some back to the taxpayers of Washington state.
“House Republicans have introduced legislation that would provide $1 billion in tax relief for working families – including giving the people their $30 car tabs, eliminate the sales tax on prepared food items and other personal necessities.
“This also gives an opportunity to consider meaningful property tax reform. With property tax bills arriving in mailboxes, I believe many will be shocked and concerned with the increases. Reducing state property taxes would help homeowners and take a step forward in addressing our state’s affordable housing crisis.
“It is worth mentioning the first bill passed this session was a business and occupation tax to bring in more revenue. Tax increases are unnecessary. It is time to reward the hardworking taxpayers of Washington as their tax dollars continue to come in at record levels.”
