January 21, 2010

UPDATE: $14.8 billion - we did not pull this out of thin air

Calls and emails from members to legislators yesterday generated skeptical comments about the validity of our assertion that $14.8 billion in tax loopholes should be considered to address the shortfall.  So, here's the facts: 

From Department of Revenue's Tax Exemptions Report 2008, A Study of Tax Exemptions, Exclusions,Deductions, Deferrals, Differential Rates and Credits for Major Washington State and Local Taxes - Director's coverletter:

"The estimated taxpayer savings are not necessarily synonymous with the amount of potential revenue that might be realized if the statute were to be repealed. For the current study we have devoted more effort to identifying those exemptions which represent potential revenue collections. In the aggregate this amounts to $14.8 billion for the current biennium."
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1 comment:

  1. Rick Anderson randerson@seattleweekly.comJanuary 26, 2010 at 2:16 PM

    Trying to reach the writer of this item. Thanks.

    ReplyDelete

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