Washington’s budget is looking a little empty — like a fridge before payday! The state’s deficit has ballooned by almost another billion dollars, and now lawmakers are sweating like a sinner in church.
Here are Five Fast Facts about Washington State’s worsening budget problem:
- ⛔ Going The Wrong Way - The latest report shows that revenues are lower than expected, leaving a gap of about $845 million on top of the massive budget hole that already existed. That’s like
- 👈 On The One Hand… - Democrats are looking at a budget with some reduced spending along with some new taxes, including a possible wealth tax. Another option is to tap into the state’s rainy day fund. Grab your umbrella!
- 👉 On The Other Hand… - Republicans are rejecting any new taxes, saying spending should be limited to core priorities like schools, social services, and public safety. Given the uncertainty in the future, the rainy day fund shouldn’t be touched, either. It’s too sunny outside for that!
- 💰 Progressive Taxation - Washington’s tax setup is pretty tough – it’s the 49th worst in the nation, meaning low- and middle-income earners pay an unfairly high chunk of the taxes. Show of hands on who thinks they’re paying more taxes than they should be…?
- ⏳ Time Is Short - Lawmakers have to negotiate and settle on a final budget for the Governor’s signature by April 27th. Tick tock, Olympia!
🔥Bottom line: Washington’s wallet is feeling light — and tough choices are ahead! Can our representatives get the job done? If you have any thoughts on what’s important, then call them and let them know!
What do you think should be done with the budget?
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