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September 16, 2014

State relies on sales tax for 45% of budget

  • A study by Standard & Poor's shows a significant decline in annual average state tax growth in Washington and other sales tax-dependent states.

    • OLYMPIA (AP) — Washington is among the states that depend most heavily on sales taxes for revenue, and a new report links a decline in growth of such funds to the rising concentration of wealth for the richest U.S. households.

    The study by credit ratings agency Standard & Poor's shows a significant decline in annual average state tax growth among the 10 most sales tax-dependent states, which includes Washington.


     
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