Goldy's got a deal for the leg…
So here’s the deal. Put a sales tax and excise tax increase on the June ballot, and folks like me will give you our support… but only if you also put on the November ballot a measure that would repeal the June increase, and replace the revenue with a tax on incomes over $200,000 a year.Sounds good to me. A sales and excise tax jncrease isn't a good idea for all the reasons that Washington's revenue system is awful, biting particularly hard those who've already been bitten hardest by a slow economy and rotten job market.
According to the Economic Opportunity Institute, a “high income tax” of 3% on incomes between $200,000 and $999,999, and 5% on incomes over $1 million, would raise about $2.58 billion per biennium, yet fall on only 4% of WA households. I’m guessing that’s slightly more than the June measure would be expected to raise.
Still, this is one of those times when something actually must be done lest the cuts in state spending move from painful to crippling.
So, OK, let's do it if you give us a chance to fix it.