State revenue forecasts reveal that collections will fall nearly $500 million short of earlier expectations concerning Washington's budget.
State revenue forecasts reveal that collections will fall nearly $500 million short of earlier expectations. This decline is primarily attributed to decreased capital gains tax receipts and reduced consumer spending.
The decline in capital gains tax payments accounts for $324 million of the revenue gap, while reduced retail spending led to a $224 million dip in projected sales tax collections. Estate taxes and real estate transactions exceeded expectations. “Is this a blip down? Is this a downward trend?” Rep. Ed Orcutt, R-Kalama, asked, a question that subsequent forecasts will clarify.However, there’s another concern: the need to balance budgets over two bienniums. Forecasts indicate a total revenue reduction of $666 million between the current budget and the next.
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