Statements from Reps. Drew Stokesbary and Ed Orcutt on the latest state revenue forecast
CONTACT: John Handy, Communications Director for Rep. Ed Orcutt | 360-786-5758
Nick Jacob, Senior Public Information Officer for Rep. Drew Stokesbary | 360-786-5097
Statements from Reps. Drew Stokesbary and Ed Orcutt on the latest state revenue forecast
The Economic and Revenue Forecast Council released and adopted its latest state revenue forecast this morning. As compared to the November 2020 forecast, Near General Fund-Outlook revenue increased by $1.34 billion for 2019-21 and by $1.95 billion for 2021-23.
Statement from Rep. Drew Stokesbary, ranking member on the House Appropriations Committee:
“Despite the strain on household budgets across the state, Washington's economy is strong. Unlike the Great Recession, where we saw steep declines in revenue and personal income, state tax collections have continued to increase throughout the pandemic, growing by more than 10% over the past fiscal year.
“Based on the latest revenue forecast, state tax revenue for 2021-23 is projected to be $56.6 billion, an increase of 8.2% over the current biennium. And this does not include the nearly $12 billion Washington's state and local governments are projected to receive from the American Rescue Plan Act of 2021. If projections remain reliable, our state and local governments will have received more than $24 billion in federal stimulus funds over the past year.
“With many families still under enormous financial stress, it is unconscionable the governor and majority party continue to push legislation that would raise taxes on health insurance, cell phones, gasoline, and more. And while the capital gains tax may be a convenient talking point, taxing investments and innovators is a surefire way to hamper our state's economic growth. House Republicans will continue standing for working families and against policies that would make life more expensive and risk derailing our economic recovery.”
Statement from Rep. Ed Orcutt, member of the Economic and Revenue Forecast Council and ranking member on the House Finance Committee:
“Our state tax collections continue to be strong and resilient. While this is good news for state government and budget writers, let's not forget that many families and businesses are in financial crisis. And that's where our focus should be as a Legislature – helping those who are suffering most.
“There was never a good case for new tax increases, but today's state revenue forecast ended any serious argument for tax increases. With this news and the massive amounts of federal funding on the way to the state, there's no need to raise taxes on anyone. The debate moving forward should be about what type of tax relief we can provide working families – not who we can single out to tax more.”
Learn more:
• Watch on TVW: Economic and Revenue Forecast Council meeting | March 17, 2021
• Economic and Revenue Forecast Council
• Operating Budget Legislative Proposals
• Washington House Republican 2021-23 operating budget framework
