Statement from Rep. Drew Stokesbary on the latest state revenue forecast

The Economic and Revenue Forecast Council released and adopted its latest state revenue forecast Wednesday morning. As compared to the November 2020 forecast, Near General Fund-Outlook revenue increased by $1.453 billion for 2021-23 and $1.32 billion for 2023-25.

Statement from Rep. Drew Stokesbary, ranking Republican on the House Appropriations Committee:

“State tax collections have been on a meteoric rise, and today’s forecast continues that trend with nearly $1.5 billion additional tax dollars projected for the current biennium. In fact, since the Legislature adjourned last session, revenue collections have increased by $5 billion over the four-year outlook period. State tax revenue for the 2021-23 fiscal period is now projected to be $61.7 billion, an increase of 16% over last biennium, and the state is now enjoying a historic four-year budget surplus approaching $14 billion.

“But while state government has continued to rake in the cash, families across Washington have been heavily burdened with higher prices on gas and everyday goods. Inflation is now running at 7.6%, the highest level in over forty years, which is costing the average household an extra $250 per month.

“It is past time for working Washingtonians to share in the state’s good economic fortune. Families are experiencing a very real, tangible impact to their household budgets. With record tax collections and a historic budget surplus, there’s never been a better time to deliver real, meaningful tax relief to working families. I look forward to collaborating with my House colleagues to ensure that tax relief for working families is part of the final budget agreement.”

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Washington State House Republican Communications
houserepublicans.wa.gov