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2020 Brings Tax Increases For Many Local Businesses and Families

On April 28th, the Washington Legislature adjourned after passing a $52.4 billion two-year state operating budget. To help fund the budget, the Governor signed a tax package worth at least $830 million over the next two years, despite unprecedented revenue from existing sources.

Some articles have estimated the tax increases to be up to $2.5 billion over the next two years and $7.5 billion within the next four years.

I, like many small business owners with families, was disappointed with the massive increase in spending by Governor Inslee and the Legislature. The investments in the budget, like for counselors and mental health treatment, could have been realized through efficiencies and from existing revenue sources- without increasing taxes on business and working families.

Peter Abbarno, Centralia City Councilmember

According to a new report from the state Economic and Revenue Forecast Council (ERFC), Washington state can expect another two years of increased revenue. The council anticipates $51.7 billion in revenue for the 2019-21 biennium – a increase of almost $300 million and 12.3 percent from the 2017-19 biennium. That two-year figure is only expected to grow by 2021-23 to $55.154 billion

Here are some of the 2019 Tax Increase you can expect to see (and feel) beginning in 2020:

Business & Occupation Tax Increases

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