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 11:34 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

 

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