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Budget Boost Turns to Long-Term Strain
Washington’s budget gets a short-term lifeline thanks to a surprise $1.5 billion windfall from a capital gains tax—double what was expected—helping cover an upcoming deficit. But this one-time boost masks deeper problems: rising costs for essential services outpace revenue growth, and the state faces a projected $508 million shortfall in the next two-year cycle. While a new income tax on high earners starting in 2029 is on the horizon, officials warn of a “tough budget cycle,” with the governor leaning toward spending cuts rather than new taxes. The future remains uncertain as lawmakers…
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