There has been and will continue to be a lot of talk about what I-1098 does for the adults in Washington State – cuts state property taxes for everyone, eliminates or cuts B&O taxes for the vast majority of businesses in our state, and establishes a modest income tax on just 1.2% of taxpayers etc…
But what does it do for those who can’t vote and don’t pay taxes — our children?
By now you might have heard that the state Office of Financial Management estimated that Initiative 1098 will generate a net $2 billion plus per year. The initiative secures this revenue into a trust that can only be spent on education and health care (70% for ed. and 30% for health).
“Ok,” you say, but like a lot of us you naturally have few more questions:
- “What exactly does ‘education’ mean within the context of I-1098?
- Where would the money go exactly?
- Does it only go to K-12 and higher ed or does it cover early learning too?”
I am going to wade through all the legal language and the different account requirements to get clear answers to these questions – questions that matter to people who not only care about education in general, but also about the details.