File this one under, to paraphrase The Gipper, “there they go again.”
It seems that anything provides a reason for the far left in Seattle to declare it’s time to raise taxes. This time it was the release last week of the state’s economic forecast update which caused the liberals’ favorite “think tank” — the Washington State Budget and Policy Center — to declare it was time for its “proposal for a modest tax on capital gains.”
The fact that voters have continually turned down the Democrats’ desire for raising taxes in recent years is lost on the far lefties at the WBPC. The economic “experts” there are convinced that because the stock market is going up, the state should grab some of the profits being generated because, you know, other states do!
The inconvenient fact – for the liberals – that state revenues are on the rise doesn’t slow them down on their demand for higher taxes. After all, the government beast must be fed.
From the liberal “think tank” Washington State Budget & Policy Center:
While Stocks Soar, State Revenues Barely Flutter
As Washington state tax revenues continue their slow rebound from the Great Recession, profits from the sale of corporate stocks are breaching all-time highs. But unlike most other states, Washington doesn’t get a share of that windfall, which largely benefits wealthy investors. The Dow Jones Industrial Average, which breached 16,000 for the first time ever earlier this month, has grown 126 percent since February 2009. Washingtonians could benefit greatly from the surging stock market if the state would tax those capital gains, as 42 other states do.
This morning, the state’s official revenue watcher, the Economic and Revenue Forecast Council (ERFC), projected state tax revenues in the current two-year budget cycle will come in about $9 million higher than previously forecasted. During the following 2015-17 budget cycle, revenues are projected to exceed previous predictions by $16 million.