Impressive No. 2 belies some troubling numbers worth concern
FOR IMMEDIATE RELEASE
Contact: Patrick Connor, NFIB/Washington State Director, [email protected]
OLYMPIA, Wash., April 18, 2018—So what’s not to like about being second best in the nation for economic performance in the American Legislative Exchange Council’s latest Rich States, Poor States report, released yesterday?
“At first blush, Washington state’s No.2 ranking for economic performance is impressive,” said Patrick Connor, Washington state director for the National Federation of Independent Business. “Taking a closer look, however, taxpayers in general and small-business owners, in particular, should be alarmed by our dismal No. 37 ranking for economic outlook. Our highest-in-the-nation estate tax and statewide minimum wage put us dead last in those categories. Moreover, high workers’ compensation costs, proportion of state debt to taxes collected, and recent legislative action increasing the general tax burden all point to more challenging economic times ahead.
“While the Seattle metropolitan area may be able to escape economic reality for now, thanks to Amazon, Microsoft, Boeing, and other corporate titans, our state’s farmers, brick-and-mortar retailers, and other entrepreneurs, especially those in our rural communities, are already feeling the sting of costly new taxes and mandates.
“A looming trade war coupled with new state government mandates – both legislatively and voter-approved – such as:
- another $2 per hour minimum wage hike over two years
- a new payroll tax on all workers to fund a state-run paid family and medical leave program
- property tax increases for education
- a likely carbon tax
- and the specter of a capital gains tax to name a few …
“… will squeeze small businesses and may be enough to finally pop the Seattle bubble. If so, Washington state will again find itself spending far above its means, resulting in higher taxes, fewer services, or the worst of both.
“While times are still good, policymakers in Olympia should take a hard look at nearby Top 5 states like Utah, Idaho, North Dakota, and Arizona to improve our competitiveness, rather than continue to emulate the failed economic policies of California, Illinois, Vermont, New York, and New Jersey.”
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Celebrating its 75th anniversary, the National Federation of Independent Business is the Voice of Small Business, taking the message from Main Street to the halls of Congress and all 50 state legislatures. NFIB annually surveys its members on state and federal issues vital to their survival as America’s economic engine and biggest creator of jobs. NFIB’s educational mission is to remind policymakers that small businesses are not smaller versions of bigger businesses; they have very different challenges in remaining open.
National Federation of Independent Business/Washington
711 Capitol Way South, Suite 505
Olympia, WA 98501
www.nfib.com/washington
Twitter: @NFIB_WA
