The Association of Washington Business has published a must-read blog post highlighting the strength of the Washington economy, making the relevant point that our economic vitality is – at least in part – a function of our tax system.
It’s not perfect. But it’s far from broken.
Despite claims to the contrary from some legislators and interest groups, the truth is that Washington state’s tax system has contributed to the state’s run of economic growth.
As AWB reported in its Fast Facts yesterday, the blog post is intended to provide perspective for those participating in the coming House Tax Structure Work Group hearings. (We wrote about the hearings here.)
AWB Government Affairs Director Clay Hill examines the issue in a new blog post at Olympia Business Watch. He takes a big-picture look at Washington’s tax structure, including its simplicity for most taxpayers and ways that it contributes to Washington’s economic vibrancy compared with most parts of the nation.
Among the factors Hill cites:
We have a tax code that works for Washington.
· We have a nation-leading economic vibrancy.
· We have personal income growth that is higher than the national average.
· We have added jobs at higher than the national average since 2005.
· We have increased our ratio of high wage jobs to total jobs relative to the national average.
· We have relatively low individual tax burden compared to other states.
· We have easy tax compliance for those who do not own businesses.
· We have safeguards against rapid escalation of property taxes.
Our tax code and strong economy are tied together.
It’s a short post, with good and timely information. We commend it to you.