Schmudget Blog

UPDATE: I-1098 Would Fund Improvements in Health Care and Education, Cut Taxes for Homeowners and Small Businesses

Posted by Andy Nicholas at Sep 24, 2010 07:34 PM |

Initiative 1098 offers Washingtonians an opportunity to enact important long-term reforms to our state’s inadequate revenue structure.  The measure would reduce taxes for homeowners and small businesses while providing additional resources for education and health care through a new tax on high incomes.

The proposed tax on high incomes would generate some $2.9 billion per year in additional resources for Washington State.  The graph below shows how the new revenue would be spent.

I-1098_pie

As the graph shows, about 55 percent ($1,600 million) of the revenue would be spent on improvements to Washington’s education system.  Another 15 percent ($393 million) would be used to lower property taxes for homeowners and businesses.  The remaining revenues would be spent on new funding for health care services ($686 million) and lowering B&O taxes for small businesses ($259 million).

For more information on I-1098, see the following collection of reports from the Economic Opportunity Institute.

For information on other measures to appear on the November ballot see the following Budget & Policy Center reports and schmudget posts.

In Perspective: The Potential Cost of I-1107
I-1107 Would Repeal Common and Reasonable Taxes
I-1107 Could Imperil Efforts To Maintain Public and Environmental Health
I-1107 Would Restore Wasteful Business Tax Preferences
I-1053’s Supermajority Requirement is Excessive and Unreasonable
New OFM Analyses Show Potential Costs of 2010 Initiatives
2010 Initiatives Could Impact Public Services

 

Document Actions
HIGHLIGHTS

Our Seattle Policy Summit

You can watch our Budget Matters 2017 Seattle Policy Summit, which took place on December 6, online. The first part of the day (watch here) featured Washington State Lt. Governor Cyrus Habib and Race Forward President Glenn Harris. The second part of the day (watch here) featured Budget & Policy Center Senior Policy Analyst Jennifer Tran, and a panel of local leaders moderated by Michael Brown of the Seattle Foundation. 

Our Policy Priorities

Washington state should be a place where all our residents have strong communities, great schools, and the chance for a bright future. Our 2017-2019 Legislative Agenda outlines the priorities we are working to advance to build a better Washington.

Testimonies in Olympia

Misha TVW
We're in Olympia throughout the 2018 legislative session to testify in support of bills that advance our legislative priorities. Watch our testimonies on TVW: