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