Dem’s State Budgets Include Cap. Gains Tax, Drain Reserve Funds
An analysis of the State Democrat House and Senate Budget proposals by Opportunity WA could result in one drawing the conclusion that they're ignoring the economy.
According to a comprehensive look at both proposals, they incorporate an 'assumed' 7 percent capital gains income tax, and both drain down the state's rainy day emergency fund.
Both budgets increase state spending about ten percent. The House Democrats call their plan "Washington Recovery Plan" yet it's centered on the following (according to House Democratic releases):
"...operating budget plan that utilizes state and federal funds to help us recover together by centering people most impacted by the pandemic and prioritizing needs of Black, Brown, and Indigenous communities that have suffered the most health, economic, and education impacts and face the most barriers to recovery."
There's nothing in there about the private sector economy, which is what led to a lot of growth, pre pandemic, in WA state.
Senate Democrats, meanwhile, said this: (from Opportunity WA by way of Senate Democrats webpage):
"increase funding for vital state services, including targeted support for the state’s pandemic recovery efforts and historic investments to support Washington’s working families.
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