A study conducted by Energy Strategies—in collaboration with the University of Idaho and Washington State University and commissioned by the Washington Climate Collaborative (WCC), a business coalition—found that Jay Inslee’s cap-and-tax proposal would have a devastating impact on our state’s economy and cost jobs.
Specifically, Inslee’s cap-and-tax scheme would reduce the average annual employment by approximately 56,000 jobs over the next 20 years. Nearly 6,000 of those jobs would be in the manufacturing sector. The study also found that the total aggregate worker and proprietor’s income would be reduced by an annual average of $3.1 billion per year. That figure, divided by total Washington households, is equivalent to a reduction of $1,200 in annual income per household.
But, that’s not all. The average household could expect an increase in gasoline, natural gas and electric bills by nearly $60 a month—that does not include the indirect cost increases in consumer goods including food.
Washington State would lose an average of $658 million in annual net tax revenue due to lower sales, property and excise taxes resulting from the reduced future economic growth. Additionally, the study found that the average annual net revenue from the cap-and-tax scheme would be just nearly 60% of Inslee’s predictions.
The study points out that Washington State’s per capita greenhouse gas (GHG) emission rate is already 36% lower than the national average. And, despite our state’s booming population growth, emission rates continue to drop. In fact, Washington State is within 3% of the state’s 2020 GHG emissions goal—the goal that Inslee so often cites as a reason why our state must move forward with his extreme “green” plans.