Washington state Democrats have so thoroughly mismanaged the state’s budget that they are now planning to jack up taxes by $12 billion over the next few years.
The state’s Democratic legislators are working on a tax package that would take another $12 billion in taxes from residents over the next four years. This includes expanding the scope of the state’s sales tax, increasing taxes on businesses and capital gains, increasing the inheritance tax on the wealthy, and raising the state’s cap on property tax increases. Democrats had been planning a first-in-the-nation “wealth tax,” though it was dropped after opposition from Gov. Bob Ferguson (D-WA).
This is deemed necessary because Washington state is staring down a massive budget deficit that seemingly snuck up on the Democrats running the state just a few months ago. In November, the Office of Financial Management claimed the state was facing a budget deficit of $10-$12 billion over the next four years. Former Democratic Gov. Jay Inslee, on his way out of office, later said the number had jumped to $16 billion. State Republicans allege that the deficit was closer to $6.7 billion, but Democrats wanted to keep throwing money at a few other bills and give raises to unionized state employees.
What is undeniable, though, is that Washington has disastrously mismanaged its spending. The state’s two-year budget has more than doubled from 2013, Inslee’s first year in office, to over $75 billion. Despite record revenue levels, Washington is staring down this budget deficit because Democrats couldn’t keep their spending under control.
HOUSE JUDICIARY COMMITTEE TO INVESTIGATE WASHINGTON STATE’S SANCTUARY STATUS
The situation may worsen. Last month, the state’s forecasted revenue through 2029 dropped by over $800 million from November 2024 forecasts. While the wealth tax won’t be in the latest tax hikes, the package will still focus on increasing taxes for wealthy residents and big businesses. Washington has already struggled to keep high-earners in the state, with thousands moving out in recent years.
As is typical with the Democratic Party, Washington state Democrats have been recklessly spending money that doesn’t belong to them. Now, they want to sap another $12 billion from taxpayers to continue their spending spree. Washington state has spent the past decade digging itself into a hole it thinks it can fill with even more taxpayer dollars, which will become a problem if and when residents decide to take their hard-earned money to a less greedy state.