32 upvotes, 4 direct replies (showing 4)
How did we go from Jay boasting about a surplus like a year ago to a huge deficit?
Comment by QuakinOats at 02/02/2025 at 18:34 UTC
24 upvotes, 0 direct replies
How did we go from Jay boasting about a surplus like a year ago to a huge deficit?
Stuff like this that boosted state spending by billions in March of 2024:
*Gov. Jay Inslee on Friday signed the final operating budget of his tenure,* ***approving an extra $2 billion during the second half of the state’s two-year budget cycle***
*“We have done some great work. Let’s keep doing some great work with this budget,” Inslee said.*
***The $2 billion in new spending is on top of the $69.8 billion operating budget that passed the Legislature last year.*** *The added money approved this session will be spent through June 2025 when the state’s budget resets.*
https://washingtonstatestandard.com/2024/03/29/inslee-oks-2-billion-boost-in-state-spending/[1][2]
1: https://washingtonstatestandard.com/2024/03/29/inslee-oks-2-billion-boost-in-state-spending/
2: https://washingtonstatestandard.com/2024/03/29/inslee-oks-2-billion-boost-in-state-spending/
A couple extra billion here and there each year added to the budget adds up pretty fast.
Comment by holierthanmao at 02/02/2025 at 18:14 UTC
52 upvotes, 2 direct replies
A sales based tax system is incredibly volatile. If people are suddenly feeling uneasy about the economy and decide to start saving more and spending less, that is a huge swing in what the state had projected its future revenue to be.
Comment by a_Lad_of_Mad at 02/02/2025 at 18:06 UTC
18 upvotes, 1 direct replies
Why should we pay federal taxes going forward if they are being used illegally?
Comment by rook2004 at 02/02/2025 at 18:16 UTC
9 upvotes, 1 direct replies
If this is true then surely it is because people are buying fewer things. When most of your taxes come from sales tax, your revenue is high when people can afford to buy things and low when they can’t. It can change unexpectedly. This is one of the reasons people dislike it.