Every day, Washington households and businesses must make practical but often difficult decisions that align spending with available funds. It’s called balancing a budget.
Our state now faces a budget crisis because spending is not aligned with revenues. Rather than addressing wasteful spending, Washington lawmakers have proposed levying as much as $17 billion in new taxes on state businesses over the next four years.
As I testified to the state Senate Ways and Means Committee, this historic tax hike would discourage businesses from opening, expanding and creating jobs in the state. At risk is our state’s position as the nation’s leader in technology innovation. The proposed tax hike will result in the departure of high paying jobs from Washington state to other tech hubs across the country including Dallas and Atlanta. Seizing on the moment, other states are offering tax credits and incentives for job creation. In response, Washington’s tech companies both large and small will shift highly portable jobs to states that promote a favorable tax and business environment.
State lawmakers should preserve programs that support tech skilling and job growth; such as the statewide IT Academy program. But Washington will spiral into long-term decline if lawmakers approve excessive new taxes that permanently chill our business and entrepreneurial climate.
A coalition of twelve King County mayors recently voiced similar concerns in opposing proposed new taxes. It’s time for our state lawmakers to address overspending rather than squeezing more money from Washington businesses.
William Hole
Lake Stevens
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