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Lawmakers must act now to revive Washington state146s economy Bold new


How policy choices would impact Washington state146s economic recovery13 State employee furlough days5 Cut to public K-12 schools1 Findings are obtained from the Regional Economic Models Inc REMI mode

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Document on Subject : "Lawmakers must act now to revive Washington state146s economy Bold new"— Transcript:

1 Lawmakers must act now to revive Washing
Lawmakers must act now to revive Washington state’s economy. Bold new investments in communities, paid for by raising taxes on the very wealthiest households, would spur spending at local small businesses, add billions of dollars to the state economy, and create thousands of new jobs, according to new economic modeling on the impacts of the state’s policy choices.contrast, knee-jerk cuts to education, state employees’ pay, or health and social services would The charts below summarize the economic consequences of ve possible paths Washington state lawmakers could take in the coming year to respond to the state’s revenue shortfalls. Raising new revenue to invest in our communities will spur Washington's recovery How policy choices would impact Washington state’s economic recovery 13 State employee furlough days5% Cut to public K-12 schools 1. Findings are obtained from the Regional Economic Models, Inc. (REMI) model – an industry standard tool that is used to improve public policy decisions in the Equitable new revenue and investment would... Raising $3 billion per year in new revenue for community investments by taxing the wealthiest households would create nearly 66,000 public- and private-sector jobs in Washington state. More than half (35,142) of the new jobs would be in the private sector, since more teachers, nurses, and other frontline public-sector workers would mean 5% Cut to public K-12 schools13 State employee furlough days 60K40K20K0-20K-40K-60K80K 35,14230,657-17,159-20,631-7,249-7,920 Create thousands of new jobsPublicSectorEmployment PrivateSectorEmployment Investing in communities with progressive new taxes would increase state economic output (state GDP) byalmost $6 billion per year in Washington state. All scenarios involving cuts to public investments would shrinkthe state economy. 5% Cut to public K-12 schools13 State employee furlough days $6B$4B$2B0-$2B-$4B$8B -$0.4B Increase economic output Investing $3 billion per year in communities through equitable new taxes on the richest households in Washingt

2 on public investments would reduce consu
on public investments would reduce consumer spending and shrink the state economy. 5% Cut to public K-12 schools13 State employee furlough days $3B$2B$1B0-$1B-$2B$4B $3.7B-$0.6B-$0.7B-$0.2B Stimulate spending at local small businesses 1. Results provided by the National Education Association using the “Tax-PI v. 2.4.3” instantiation of the economic model developed by Regional Economic Models Inc. (REMI). The results show dierence from the baseline scenario, which incorporates the projected impacts of the recession in 2020 and 2021, as forecasted by the Congressional Budget Oce in July 2020. Revenues from a net $3.181 billion annual tax increase were distributed across all functional areas the Working Families Tax Credit, Washington state’s still-unfunded version of the Federal Earned Income Tax Credit. More information on the methodology is Endnotes: Lawmakers must act now to revive Washington state’s economy. Bold new investments in communities, paid for by raising taxes on the very wealthiest households, would spur spending at local small businesses, add billions of dollars to the state economy, and create thousands of new jobs, according to new economic modeling on the impacts of the state’s policy choices.contrast, knee-jerk cuts to education, state employees’ pay, or health and social services would The charts below summarize the economic consequences of ve possible paths Washington state lawmakers could take in the coming year to respond to the state’s revenue shortfalls. Raising new revenue to invest in our communities will spur Washington's recovery How policy choices would impact Washington state’s economic recoveryJobsGDP $3 Billion in equitable new revenue for community investment10% Cut to funding for higher education 5% Cut to the Department of Social Health Services 13 State employee furlough days5% Cut to public K-12 schools 1. Findings are obtained from the Regional Economic Models, Inc. (REMI) model – an industry standard tool that is used to improve public policy decisions in the