State Treasurer submits education funding plan - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

State Treasurer submits education funding plan

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WASHINGTON – Today, Washington State Treasurer James McIntire proposed a comprehensive K-12 education funding plan to the Legislature’s Education Funding Task Force. 

McIntire’s submittal included a complete source of revenues to fully fund the State Supreme Court’s McCleary decision. The plan also addresses the fundamental unfairness of the state tax system, and if implemented, would provide sustainable funding for education in the future. 

“Our tax system is the most regressive in the nation,” McIntire said. “Low income households and businesses carry too much of the tax burden in our state. For several decades, our tax revenues have been growing, but not as fast as our economy and the demand for education.  As a result, the Legislature has shifted more and more of the tax burden to local school levies. We need a comprehensive funding plan to address the education needs that our voters and the Legislature passed into law, the constitution requires, and the state Supreme Court has ordered.

McIntire’s proposal includes eliminating the state property tax, limiting local school levies, lowering the B&O tax rate, and cutting the state sales tax rate from 6.5 to 5.5 percent.  Cuts would be offset by a constitutional 5 percent flat rate income tax dedicated to education with a $50,000 exemption for a family of four.

Treasurer McIntire’s education funding plan would lower taxes for most low and moderate income households, reduce the business tax burden for every business in the state, and increase funding stability for education.