Effective Government

Eliminate special hand-out deduction to banks

Eliminate the so-called first mortgage B&O deduction for banks under RCW 82.04.4292 unless they can prove that they are passing the savings on to consumers and that mortgages are cheaper from the consumer's standpoint in WA as a result of the deduction. If no savings are realized by the consumer, then banks ought to pay tax on their revenue in this state like most other businesses.

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Idea No. 1623