Washington's $1M+ income swings far more than its sales tax or general fund

The income of Washington's $1M+ filers rose or fell by a third or more in several single years: -45% in 2001 and -34% in 2022, after gains of 54-67% in 1998, 1999 and 2021. Over the same period the state's retail sales tax fell at most 12.5% and its total general fund revenue at most 9.6% in a year, both in FY2009. The typical yearly swing (standard deviation of changes) is about 33% for $1M+ income, 5.4% for sales tax and 4.8% for the general fund.

changePctseriesyear
66.5WA $1M+ AGI (tax year)1998
54.5WA $1M+ AGI (tax year)1999
3.5WA general fund revenue (fiscal year)1999
7.2WA retail sales tax (fiscal year)1999
-8.1WA $1M+ AGI (tax year)2000
6.3WA general fund revenue (fiscal year)2000
8.6WA retail sales tax (fiscal year)2000
-44.6WA $1M+ AGI (tax year)2001
4.4WA general fund revenue (fiscal year)2001
1.5WA retail sales tax (fiscal year)2001
WA $1M+ AGI (tax year)2002
0.6WA general fund revenue (fiscal year)2002
-1.2WA retail sales tax (fiscal year)2002
WA $1M+ AGI (tax year)2003
0.8WA general fund revenue (fiscal year)2003
2.6WA retail sales tax (fiscal year)2003
WA $1M+ AGI (tax year)2004
5.4WA general fund revenue (fiscal year)2004
3.7WA retail sales tax (fiscal year)2004
WA $1M+ AGI (tax year)2005
WA general fund revenue (fiscal year)2005
7.7WA retail sales tax (fiscal year)2005
WA $1M+ AGI (tax year)2006
9.8WA general fund revenue (fiscal year)2006
10.7WA retail sales tax (fiscal year)2006
WA $1M+ AGI (tax year)2007
8WA general fund revenue (fiscal year)2007
6.9WA retail sales tax (fiscal year)2007
WA $1M+ AGI (tax year)2008
1.2WA general fund revenue (fiscal year)2008
5.1WA retail sales tax (fiscal year)2008
WA $1M+ AGI (tax year)2009
-9.6WA general fund revenue (fiscal year)2009
-12.5WA retail sales tax (fiscal year)2009
WA $1M+ AGI (tax year)2010
-4.1WA general fund revenue (fiscal year)2010
-5.9WA retail sales tax (fiscal year)2010
12.8WA $1M+ AGI (tax year)2011
7.9WA general fund revenue (fiscal year)2011
5.4WA retail sales tax (fiscal year)2011
56.9WA $1M+ AGI (tax year)2012
1.5WA general fund revenue (fiscal year)2012
1.1WA retail sales tax (fiscal year)2012
-24.6WA $1M+ AGI (tax year)2013
6.1WA general fund revenue (fiscal year)2013
4.6WA retail sales tax (fiscal year)2013
39.2WA $1M+ AGI (tax year)2014
3.8WA general fund revenue (fiscal year)2014
8.4WA retail sales tax (fiscal year)2014
9.3WA $1M+ AGI (tax year)2015
5.5WA general fund revenue (fiscal year)2015
7.8WA retail sales tax (fiscal year)2015
14.7WA $1M+ AGI (tax year)2016
7.5WA general fund revenue (fiscal year)2016
8.2WA retail sales tax (fiscal year)2016
7WA $1M+ AGI (tax year)2017
6.2WA general fund revenue (fiscal year)2017
6.2WA retail sales tax (fiscal year)2017
14.3WA $1M+ AGI (tax year)2018
10WA general fund revenue (fiscal year)2018
7.9WA retail sales tax (fiscal year)2018
8.9WA $1M+ AGI (tax year)2019
3.3WA general fund revenue (fiscal year)2019
8.7WA retail sales tax (fiscal year)2019
22.5WA $1M+ AGI (tax year)2020
6.2WA general fund revenue (fiscal year)2020
0.7WA retail sales tax (fiscal year)2020
59.5WA $1M+ AGI (tax year)2021
13.3WA general fund revenue (fiscal year)2021
12.2WA retail sales tax (fiscal year)2021
-34WA $1M+ AGI (tax year)2022
11.3WA general fund revenue (fiscal year)2022
11.8WA retail sales tax (fiscal year)2022
-8.1WA $1M+ AGI (tax year)2023
3.1WA general fund revenue (fiscal year)2023
4.8WA retail sales tax (fiscal year)2023
WA $1M+ AGI (tax year)2024
0.4WA general fund revenue (fiscal year)2024
0WA retail sales tax (fiscal year)2024
WA $1M+ AGI (tax year)2025
3.9WA general fund revenue (fiscal year)2025
1.7WA retail sales tax (fiscal year)2025

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