Spending above inflation vs. the millionaires tax

On population-and-price measures, 2023-25 general-fund spending was $16.9-21.2 billion a biennium above where 2013-15 spending would have grown, five to nine times the $2.3-3.5 billion the millionaires tax would raise in 2027-29. Its first full biennium, 2029-31, would raise about $9.4 billion, roughly half the excess. Measured against the 2005-07 share of personal income, spending was $7.6 billion below the path.

billionsgrouplabelperiod
21.222023-25 spending above pathUS CPI2023-25
20.632023-25 spending above pathGovt prices2023-25
16.872023-25 spending above pathSeattle CPI2023-25
8.232023-25 spending above pathIncome '13-152023-25
-7.582023-25 spending above pathIncome '05-072023-25
2.31Millionaires tax revenueNet 27-292027-29
2.7Millionaires tax revenueGross 27-292027-29
3.5Millionaires tax revenueSept 27-292027-29
9.44Millionaires tax revenueSept 29-312029-31

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