Estimates released this past week by the state’s Economic and Revenue Forecast Council show projections for the 2021-2023 revenue collections have increased by nearly $898 million, for a total of $60.2 billion. Projections for the following budget cycle, ending in mid-2025, have increased by $965 million, for a total of approximately $64 billion.
As reported in an AP News article last Friday, Republican legislative members of the Economic and Revenue Forecast Council said that “in response to the strong growth, tax cuts should be part of any final plan.” “Democratic budget writers said, “nothing is off the table,” but expressed caution.
Republican Sen. Lynda Wilson committed to continue advocating for tax relief, including a property tax cut. “I think it’s time we give back to the Washington state taxpayers,” she said. “We can afford to do that this year.”