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Thursday, October 28, 2010

SBE Council Chief Economist on Washington Income Tax Ballot Question

Raymond J. Keating, chief economist for the Small Business & Entrepreneurship Council (SBE Council), issued the following statement on the Washington ballot question that proposes a state income tax:

“Among state ballot questions across the nation on November 2, the biggest issue to affect entrepreneurs, small business, investors and a state’s competitiveness and economy is ballot initiative 1098 in the state of Washington. The measure calls for imposing an income tax in the state, with a 5% rate on incomes over $200,000 and 9% on income over $500,000.

“It is important to understand that Washington’s economy benefits tremendously from the lack of any income taxes. For example, on the most recent editions of SBE Council’s ‘Small Business Survival Index’ and ‘Business Tax Index,’ Washington ranked fifth best on each. That was overwhelmingly due to the fact that the state imposes no personal or corporate income taxes. If voters approve this measure, Washington will move from one of the most attractive places in the nation to start up and build a business, and create jobs to one of the more costly states.”

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