One bit of good news is that I was able to get a budget proviso for the state to convene an interim task force to look at creating a publicly owned state bank. As you probably know, I’ve been working on this issue for several years now and the concept is really starting to gain traction. With the state bank, we would keep our tax dollars in Washington State, working for Washington State and not send it to Wall Street for them to use to make profit for themselves. It would provide huge financing capacity to fund critical infrastructure without having to sell bonds through Wall Street brokers. We simply don’t have enough money to keep going into debt to Wall Street to fund critical infrastructure. The added bonus is that it would generate much needed new revenue for the people of our state without raising taxes. It’s a win-win. For more information on that effort, please click here.
As I write this, negotiators are still working on the Capital Budget. At last check, a number of 11th district projects were funded, including for the City of Renton’s No. 1 priority, Sunset Park, and a study to look at the efficacy of electrifying our rail infrastructure. This project is known as Solutionary Rail and can help reduce a major source of carbon emissions. The budget, SHB 1075, passed out of the House early Saturday morning with a vote of 92-1. It is now up to the Senate Republicans to allow the bill a vote.
Despite the positive elements in the budget, I simply could not vote for a property tax increase that isn’t fair or sustainable. The Legislature also just passed a full set of new tax exemptions totaling almost $100 Million, including extending the Boeing B&O tax break to all manufacturers. This is another shift of tax burden from corporations onto the backs of working families.
We only had a few minutes in Ways and Means to review the full budget comprised of 680 pages across 3 books before we voted on it – and only a few hours before voting it off the Senate floor. I encourage you to look at the documents by clicking here.
Thank you for being an engaged constituent. Please don’t hesitate to contact me with your thoughts regarding Legislative issues.