Businesses pay more than half of state tax revenue, new report finds

Oct 30, 2019
Written by wpengine

Businesses paid 51.2% of state tax revenues in the 2018 fiscal year, according to a new report by the Council On State Taxation and the State Tax Research Institute.

It also reported that the 49.6% share that businesses pay in Washington State and local taxes exceeded the national average of 43.5%.

Washington employers paid $21.9 billion in business taxes in 2018 with the average tax burden per employee being $7,800 compared to the national average of $6,200.

Increases in business tax revenue have helped state government collect record revenues.

The Economic and Revenue Forecast Council recently reported that state tax collections were coming in about 3% above expectations.

Read more here and here.