From Seattletimes · · 1m 20s
I-645 Tax Break Debate
Washington's $13 billion tax break claim for millionaires sparks confusion over timing and revenue.
In brief
Washington's $13 billion tax break claim for millionaires sparks confusion over timing and revenue. Washington's proposed repeal of a high-earners tax would preserve $13 billion in projected revenue over four years but no tax is collected until 2029. Originally reported by Seattletimes.
I-645 tax break claim
The number $13 billion appears in Washington's campaign on whether to uphold or repeal a high-earners income tax.
No campaign claims $13 billion tax break
The No campaign says Initiative 645 would give the wealthiest people in Washington a $13 billion tax break.
State voters guide states $13 billion cut
The state voters guide states I-645 cuts public school, healthcare, and childcare funding by $13 billion over four years.
Yes campaign disputes $13 billion figure
The Yes on I-645 campaign says the $13 billion figure assumes taxpayers take no action to reduce tax exposure.
Office of Financial Management report
The state's Office of Financial Management estimates I-645 would result in $11.4 billion in lost state revenue over fiscal years 2027-2031.
Tax revenue timeline
I-645 would bring in $2.7 billion in 2029, $3.7 billion in 2030, $3.2 billion in 2031, and $3.3 billion in 2032.
Total revenue over four years
The tax would generate $12.9 billion over four years, rounded to $13 billion.
The main idea
Washington's proposed repeal of a high-earners tax would preserve $13 billion in projected revenue over four years but no tax is collected until 2029.
