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We lose about $9.0 million each year, by granting a special lower tax rate for urban transportation and small vessels. The preferential rate was adopted when street cars and interurban railways were financially distressed. Those private street cars and interurbans have now been replaced with public transit. However, freight companies, taxis, limos, and messenger services, take advantage of the rate that was intended for ...more »
Washington could save over $20 million by ending the B&O tax deduction that favors private schools. Under current law, private schools can exempt their income from tuition fees, room and board, library, laboratory, or health services, and other special fees.
Private schools are a fine educational choice, but our top priority is funding public schools. Private schools do not need their own special tax break.
We can save over $200 million by closing a tax loophole on investment income. We currently exempt earnings from interest, dividends or capital gains for non-financial firms' B&O taxes. This exemption creates an incentive to invest in the stock market instead of investing in Washington. It is poor public policy to tax income from producing goods and services, while exempting investment income.