Rep. Terry Nealey statement on February 2018 state revenue forecast
The Washington State Economic and Revenue Forecast Council released its quarterly state revenue forecast today. According to Chief Economist and Executive Director Steve Lerch, the General Fund-State (GF-S) revenue forecast has been increased by $647 million for the 2017-19 budget cycle and by $671 million for the 2019-21 budget cycle. The latest report reflects changes since the last revenue forecast on Nov. 20.
Rep. Terry Nealey, R-Dayton, serves as the House Republican representative on the council, is the ranking member of the House Finance Committee, and a member of the House Appropriations Committee. He issued the following statement on today’s state revenue forecast:
“There are several reasons for the increased revenue. Collections are stronger as a result of a booming Puget Sound economy, something we’d like to see in our rural parts of the state. Changes in the federal tax law will allow people to keep more of their money, which they are expected to invest back into our state’s economy by purchasing goods and services. And for this year, property tax revenues are up as the result of legislation we passed last year to address the McCleary education lawsuit.
“This is a significant increase in our state’s revenue. However, there are still proposals in the Legislature to take even more money from our citizens to further boost state revenue. Governor Inslee is pushing hard for a carbon tax in excess of $3 billion, little of which would even be used to reduce carbon in our state. There’s a public hearing tomorrow on House Bill 2967, which would impose a capital gains tax on the citizens of our state.
“Not only are these tax increases unnecessary, given the fact that we have increased revenues projected for Washington, but I’m concerned their implementation could harm the gains we have made in our state’s economy. Today’s forecast is good news for Washington. I would caution the Legislature against taking action that could reverse this economic windfall.”
