Latest news with #JamiePedersen
Yahoo
18-05-2025
- Business
- Yahoo
This Seattle Democrat doesn't know all that's best for our side of WA
Washington Senate Majority Leader Jamie Pedersen, D-Seattle, blocked a bill that would have helped the Tri-Cities secure billions in economic investment and more than 1,000 jobs. A Seattle-based state leader thinks he knows what is best for this side of the Cascade Mountains. House Bill 1210, sponsored by Rep. Stephanie Barnard, R-Pasco, was close to passage. It had already passed the House with bipartisan support and was heading toward a floor vote in the Senate in the waning days of the legislative session. The bill would have modified the rules for Targeted Urban Areas. TUAs are areas that local governments create to lure manufacturing and industrial development with temporary property tax breaks. Businesses commit to investing in improvements and creating living wage jobs. Richland was the first city to create a TUA. It includes the Northwest Advanced Clean Energy Park, the Horn Rapids Industrial Park and the Richland Airport. Richland's Targeted Urban Area attracted several projects, among them proposals by Framatome Inc. and Washington Energy LLC. The two companies operate in the nuclear power industry. Framatome already has facilities in the area and planned to spend $375 million expanding its nuclear fuel plant. Washington Energy, meanwhile, is considering building a $3 billion nuclear fuel plant. These companies are poised to play a significant role in the future of nuclear fuel production, a sector where the Tri-Cities possess expertise and infrastructure thanks to its history with the Hanford site and the presence of the Columbia Generating Station. The hitch is that state law sets a timeline for businesses in a TUA to deliver their projects and the accompanying jobs. The tax breaks last for a decade, but only on projects completed in five years or less. That's fine for a lot of businesses, but nuclear fuel companies face a lengthy federal approval process from the Nuclear Regulatory Commission, which can take years. Barnard introduced HB 1210 to address that regulatory reality. It would have granted nuclear projects in Targeted Urban Areas up to an additional four years to receive their certification, build and hire workers. Pedersen wasn't having it. As majority leader, he has the power to reroute a bill from a floor vote, effectively killing it, and he did just that. Pedersen cited budget shortfalls as one reason to block the bill, but HB 1210 would not have affected state revenue. The only taxes involved are local. Richland is gambling on these companies delivering what they promise, not the state. Hopefully local leaders have done their homework and carefully thought it through. Pedersen also expressed concern about the lack of a national nuclear waste storage facility. That view caters to nuclear-phobia among his liberal base in the Puget Sound area. The Tri-Cities is already home to a nuclear power plant that responsibly manages its spent fuel. Moreover, Framatome, a company with a long-standing presence in Richland, demonstrated its commitment to safe operations during a recent dustup with federal regulators over nuclear materials. To suggest that a lack of a permanent federal repository to hold nuclear waste should halt all progress in nuclear energy and manufacturing ignores the current safe storage practices. Adding to the urgency is the need for more energy to power electric cars and digital industries as well as to replace energy generation capacity that could be lost due to dam removals. Nuclear power offers a reliable, carbon-free alternative that can produce energy 24 hours a day, unlike wind and solar. Blocking HB 1210 was not just a setback for the Tri-Cities; it was a missed opportunity for all of Washington to embrace clean energy. It's hard to imagine Pedersen's predecessor, Sen. Andy Billig from Spokane, pulling this same sort of aggressive legislative maneuvering on a bill that would help this side of the state. We urge Pedersen to reconsider his stance and invite him to visit the Tri-Cities. Firsthand engagement with this community might cultivate a deeper understanding of the nuclear expertise here and a clearer view of the economic opportunities at stake. Then, if a similar bill is introduced next year, he might at least let senators vote on it.
Yahoo
10-04-2025
- Business
- Yahoo
Washington lawmakers debate raising property taxes to bring in more money
The Brief Lawmakers are negotiating a balanced budget, and Democrats are looking to increase property taxes by removing the 1% revenue growth limit. Senate Bill 5798 aims to adjust property tax revenue growth based on inflation and population changes, with exemptions for seniors and people with disabilities, while House Democrats propose a 3% cap without exemptions. Republicans argue that higher property taxes will hinder home affordability, while Democrats emphasize the need to fund schools and public safety, noting that voter-approved levies are the main driver of tax increases. OLYMPIA, Wash. - As lawmakers continue to craft a balanced two-year budget before the 2025 legislative session wraps up at the end of the month, part of those negotiations has revolved around increasing property tax revenues. "This is the wrong answer for Washington, it's the wrong answer for homeowners, it's the wrong answer for renters," Senate Minority Leader John Braun, R-Centralia, told reporters at a press event around property tax proposals Wednesday. Republicans have come out against many of the tax proposals from Democrats in control of the legislature, especially Senate Bill 5798. By the numbers The legislation would get rid of the 1% revenue growth limit for regular property taxes, and allow that revenue to grow based on a formula that accounts for inflation and population change. The proposal also includes property tax exemptions for seniors and people with disabilities. House Democrats have a similar proposal, without the tax exemption but with revenue growth capped at 3%. Democratic leaders have argued property tax revenues to fund schools and public safety have not kept up with increasing costs. "We need to make sure that we don't have a structural problem in our laws that prevents our government from being successful at its basic functions," said Senate Majority Leader Jamie Pedersen, D-Seattle. Pedersen said his caucus is "very sensitive" to making sure people are not priced out of their homes. He also argued the fixed-rate property taxes from the state, counties and cities covered by the growth limit and proposed increase are a "relatively small" portion of a homeowner's overall tax bill. "The vast majority of what people experience as property tax increases comes from voter-approved levies," he said. The other side But Republicans fear increased property taxes would make it harder for people to buy or rent a home, stay in that home and for housing to be constructed. "They cannot say that they support affordability in our state if they also support regressive taxes that decrease affordability for people all across our state," said Sen. Chris Gildon, R-Puyallup. What they're saying Mason County homeowner Marie Gofigan, invited to speak by Senate Republicans, said she is already struggling with making increased property tax payments because the value of her home is increasing. "After three years of hard work, dipping into my retirement and selling my mother's jewelry, I was finally able to get caught up," she said. "However, now, I need to make the property taxes again due this month. Now, Senate Bill 5798 is being presented and will again put me and others like me on the brink of losing our houses." While Governor Ferguson held a press conference last week criticizing Democratic wealth tax proposals, he would not say much on property taxes and other revenue ideas. "Those are conversations we're going to have, there's a lot of negotiations to go on," he told reporters last Tuesday. "But I'm just not going to get into specific proposals right now." Democratic leaders told reporters they are in ongoing discussions with the governor's office and would be releasing more revenue options that are under consideration within the next week. Albert James is a television reporter covering state government as part of the Murrow News Fellowship program – a collaborative effort between news outlets statewide and Washington State University. The Source Information in this story comes from original reporting by Murrow News Fellow Albert James. Seattle driver plummets off multi-story parking garage, 77-year-old rescued Thousands attend Seattle 'Hands Off!' rally against Trump, Elon Musk Tacoma police shoot, kill carjacking suspect Saturday afternoon Sue Bird named to Naismith Basketball Hall of Fame Trump tariffs live updates: Global markets plunge as countries scramble to respond USPS mail delivery changes begin: Here's what to know To get the best local news, weather and sports in Seattle for free, sign up for the daily FOX Seattle Newsletter. Download the free FOX LOCAL app for mobile in the Apple App Store or Google Play Store for live Seattle news, top stories, weather updates and more local and national coverage, plus 24/7 streaming coverage from across the nation.
Yahoo
21-03-2025
- Business
- Yahoo
WA Senate Democrats hope to balance budget with new taxes on wealthy, changes to property, sales tax
The Brief Democratic budget leaders say new taxes on the rich and adjustments to property and sales taxes are needed to address the state's multi-billion-dollar deficit. They also said the state's current tax system is "regressive" and "unfair." OLYMPIA, Wash. - State Senate Democrats on Thursday released a few ideas to bring in more money to balance the state budget, including taxes on wealthy individuals and businesses, increasing property taxes and decreasing the state sales tax. What they're saying They had been long expected to propose wealth taxes to close the state's multi-billion dollar budget gap over the next four years. They did so saying the state's current tax system is "regressive" and "unfair." "Voters are really interested both in making sure that wealthy people and businesses pay their fair share of the tax burden in our state and that they don't want to see vital services cut," said Senate Majority Leader Jamie Pedersen, D-Seattle. "I think this is a great place to live, it's just a hard place to afford to live if you're not making millions and billions of dollars," said Sen. Noel Frame, D-Seattle. "And so we're asking those who have done well to contribute what they are capable of contributing to fund our public schools and other services." The revenue proposal consists of five parts: A "financial intangibles tax" on people who have over $50 million worth of stocks, bonds and other certain financial assets. Democrats said about 4,300 wealthy individuals would be targeted by the tax. A payroll tax on large employers similar to Seattle's "JumpStart" tax. About 5,200 companies would fall under the fee, but those who pay the Seattle tax would get a full credit for the state tax. A change in the cap on property tax increases. Democrats called the current growth limit of 1% "arbitrary" and instead propose a combined rate of population growth plus inflation. "This will help ensure that our local communities have the revenue to reflect the actual cost of providing public safety and community protection services for their communities," Frame said. Eliminating 20 tax exemptions that have been deemed by legislative auditors as ineffective or obsolete. Reducing the state sales tax from 6.5% to 6% – decreasing state revenues by about $1.3 billion a year. "As cost of living is rising, Washington's current regressive tax code puts an additional strain on households that are really struggling to meet their basic needs," Frame said. "And this proposal reduces that disproportionate impact on low and middle income households." When asked if the taxes could force wealthy individuals out of the state, Frame said Washington is a "great place" to work, live and run a business because of the services provided by the state. "I believe that, and hope that, there is shared value around shared responsibility of funding our public schools and other key public institutions," she said. In all, the Senate Democrats say the proposals are set to bring in $17 billion over the next four years for schools, health care and other state services. "I guess the first thing that comes to my mind is 'wow, that is a lot of new taxes that they're proposing,'" said Senate Republican budget lead Chris Gildon, R-Puyallup. Gildon argued the new taxes are unnecessary to sustain state services, and lawmakers need to limit spending instead. He took issue with Democrats saying they're targeting the wealthy – while also opening the door for property tax increases. "That will directly fall on the backs of working families, middle class people who are trying to get by," he said. "And it will also be a pass-through cost to renters across our state who are already struggling so much." The governor's office did not immediately respond to a request for comment on the revenue proposal. Democrats said they have been keeping Gov. Ferguson updated on their budget progress. The Democratic executive has made it clear he wanted to exhaust spending cuts first before talking about new revenue. The spending that all this proposed revenue is gonna go toward is still being ironed out. House and Senate Democrats are expected to release their own separate budget proposals on Monday. Senate Republicans released their last week. Everyone has to come together to pass one budget out of the legislature by the time session ends on April 27th. The Source Information in this story is from Albert James, a television reporter covering state government as part of the Murrow News Fellowship program – a collaborative effort between news outlets statewide and Washington State University. Top aide for WA Gov. Ferguson resigns over workplace complaints, report Seattle police arrest man accused of more than 20 bank robberies Here's where Seattle renters are relocating Seattle's Capitol Hill Block Party announces 2025 lineup, changes to event Could Bryan Kohberger's autism defense for capital murder set a precedent? To get the best local news, weather and sports in Seattle for free, sign up for the daily FOX Seattle Newsletter. Download the free FOX LOCAL app for mobile in the Apple App Store or Google Play Store for live Seattle news, top stories, weather updates and more local and national coverage, plus 24/7 streaming coverage from across the nation.
Yahoo
21-03-2025
- Business
- Yahoo
Senate Democrats want to raise billions in revenue ahead of formal budget announcement
Mar. 20—OLYMPIA — Senate Democrats have unveiled a plan to raise billions of dollars amid a deep budget shortfall by taxing Washington's wealthiest residents through what is called a "financial intangibles tax," allowing property tax increases to be set by inflation and population growth, and removing the cap on employer payroll taxes. The plan also calls on the state to reduce the sales tax by half a percent, which democrats argue would help make the tax code less regressive. The proposal comes ahead of a formal budget release by House and Senate Democrats next week, as lawmakers address the state's multi-billion-dollar budget deficit. "We've spent months discussing our budget, learned about how damaging an all-cuts budget might be, and have done the hard work to scrub the budget for savings and efficiencies," said Sen. Noel Frame, D-Seattle, vice chair of the Senate Ways and Means Committee. "Now, honoring our responsibility to Washingtonians, we are releasing this proposal for new revenue." The proposal calls for taxing $10 on every $1,000 of the assessed value of certain financial assets, including stocks, bonds, exchange-traded funds, and mutual funds, which Senate Democrats say could raise $4 billion per year when fully implemented in fiscal year 2027. According to Senate Democrats, the tax, which would be paid by approximately 4,300 residents, would go towards increasing school funding. Senate Democrats also want to repeal the cap on employer payroll taxes and adopt a system similar to Seattle's Jumpstart tax, which would raise $2.3 billion per year once fully implemented, with the funds going towards schools, healthcare and other state programs. The plan also calls on the state to raise the cap on property tax increases from 1% to the combined rate of population growth plus inflation, though local jurisdictions could opt to take a lower rate. The plan also calls for exemptions for the elderly and those with disabilities. The change, Senate Democrats say, would raise $779 million over four years to fund schools. The plan calls for eliminating 20 tax exemptions where the "public policy objective was not met, it is unclear whether the policy objective was met, or the exemption is legally obsolete," which would raise approximately a billion dollars over four years. Under the plan, Senate Democrats hope to reduce the state's sales tax from 6.5% to 6%, which they say would reduce the burden on households . The plan would reduce state revenue by approximately $1.3 billion per year. "Voters were clear last November: they don't want school funding cut so that extremely wealthy people can keep enjoying a tax break," Senate Majority Leader Jamie Pedersen, D-Seattle, said in a statement. "This proposal reflects what we've heard from our communities: the wealthiest few should share more of the responsibility of investing in public schools and the services people need." During a meeting of the Washington State Economic and Revenue Forecast Council on Tuesday, Dave Reich, forecast council executive director, said an updated economic forecast shows the state will bring in $845 million less during the next four years than initially projected. Democrats in both the House and Senate will unveil their full budget proposals on Monday. Senate Republicans put forth a spending plan last week they say proves the state can adopt a balanced budget without increasing taxes. "The smart approach is to avoid new and higher taxes, limit new spending to core priorities like K-12 and public safety, preserve social services, and protect the rainy-day fund," said Sen. Chris Gildon, R-Puyallup. Rep. Travis Couture, D-Allyn, told reporters Wednesday that the state has "recklessly spent beyond our means, and beyond our revenue growth." "And we've created this self-inflicted wound in our budget process," he said. Couture added that the state could "absolutely" balance its budget without new revenue streams. "We certainly believe that we can have state government live within its means and still cover our core caseloads and the things that are most important to Washingtonians," Couture said. Relying on new taxes, Couture said, could prove challenging when "you're budgeting so tightly on an assumption of these new taxes that may never exit a courtroom once they enter." Senate Minority Leader John Braun, R-Centralia, said Tuesday that Republicans plan to "push back on taxes because they're bad for people across the state." The Legislature must adopt a balanced budget by April 27.
Yahoo
14-03-2025
- Business
- Yahoo
Fate of bill to cap rent increases now rests on fine-tuning in Washington Senate
(Getty Images) A bill to cap residential rent increases across Washington will need revisions to pass in the state Senate, according to the chamber's top Democrat. 'There's still going to be more work to do to get to a bill that will have majority support,' Senate Majority Leader Jamie Pedersen, D-Seattle, said during a press conference on Thursday. House Bill 1217 would prohibit landlords from raising a residential tenant's rent more than 7% in any 12-month period or by any amount during the first year after the tenancy begins. Amendments in the House to remove restrictions on move-in fees and late fees will help the bill's prospects in the Senate, Pedersen said, predicting there will ultimately be enough support to pass it. Pedersen suggested other changes that could help satisfy members who are now skeptical. These could include adjusting the 7% level of the cap or lengthening an exemption period from the cap for new construction that is now set at 12 years. He also raised the possibility of allowing landlords to 'bank' rent increase capacity for future years. In other words, they could forgo some or all of the 7% increase in one year, but then add the leftover amount to a future rent hike if they are, for example, dealing with a major repair. 'I think we will have the votes to pass rent stabilization this year,' Pedersen said, 'but there are a number of dials within that policy that I think we have members interested in adjusting.' At least 18 Democrats in the Senate are backing the bill, he noted. Support from seven of the 12 remaining members of the caucus would be needed to pass it, assuming no Republican votes in favor. 'You need to find seven and figure out what, if any, changes they would like to see,' Pedersen said. 'That will be a significant focus of our efforts here over the next few weeks.' The bill is one of the highest-profile — and controversial — policy proposals in play in Olympia this year. It passed in the House earlier this week on a 53-42 vote with five Democrats joining 37 Republicans in opposition. Republican support is expected to be nil in the Senate as well. Last year, a similar bill lapsed in the Senate after clearing the House. But the departure of moderate Democrats has given supporters hope it could pass this year.
