Ranking the state on tax revenues
OLYMPIA -- Like a majority of states, Washington is collecting more money from taxes than it was before the recession hit. Idaho isn't yet.
A study by Pew Charitable Trusts said Washington and 28 other states have seen their tax revenue come back from the trough most fell into during and shortly after the recession. That's the first time a majority of states can say that.
Washington and Idaho both hit their peaks for tax revenue in mid 2007, and began a slide that continued for about three years. At the deepest point in the decline, Idaho's quarterly revenue was down about 20 percent, from about $1 billion per quarter to about $800 miillion. Washington's was down about 15 percent, from $5.1 billion to $4.3 billion. Nationally, quarterly tax revenues dropped about 13 percent at the lowest point. Washington revenues came back above pre-recession levels in the first quarter of this year, almost two years after the nation as a whole, and were up 5.6 percent as of mid 2015. Idaho's tax revenues are at their highest post recession point, but still down about 6 percent from mid 2007.
