washington business
Of Note
Washington Employers ’ Share of State , Local Taxes Grows to 58 Percent
Data compiled from the Council on State Taxation and the Tax Foundation found that employers now pay 58 percent of all state and local taxes , up from 54 percent in the previous calculations .
The Washington Research Council ( WRC ) breaks down the
January report numbers as follows :
• Nationally , business tax revenues were up 2.2 percent in 2014 .
• Washington state ’ s total effective business tax rate rose to 5.4 percent in 2014 .
• State and local governments tax Washington businesses an average of $ 7,700 per employee .
• Washington has the sixth-highest percentage of business taxation in the U . S .
• The tax-benefit ratio for Washington businesses is the ninth worst in the nation .
• The Tax Foundation rates Washington ’ s tax climate as 12th best , due to the lack of an income tax . While more than 50 percent of the Tax Foundation ' s rating is determined by income tax , or the lack thereof , the report accounts
for Washington state ' s unique business and occupation tax ( B & O ), which is a tax on a business ' gross receipts .
The WRC points out in its issue brief that “ the Tax Foundation treats the B & O tax paid by C corporations as a form of corporate income tax and the B & O tax paid by sole proprietors , partnerships and S corporations as a form of personal income tax . Thus , Washington becomes 28th in corporate income tax ratings and sixth for individual income taxes .”
AWB publishes its Competitiveness Redbook each year , highlighting how Washington state compares to other states in each critical area from business and personal taxes to gas taxes and commute times . It is available for purchase in both print and electronic versions at awb . org / redbookinfo /.
First Boeing 727 Heads to Museum of Flight
The 53-year-old Boeing 727 made its final flight from Paine Field , just 10 minutes , on March 2 to land at its permanent resting spot at the state ’ s Museum of Flight . It is the first-ever 727 built .
Sometimes called a “ whisperjet ,” the opposite of the loud , three-engine jet , the 727 had not been flown for 24 years . The airplane , retired and donated by United Airlines , was restored by volunteers over that time .
The Renton-built 727 was Boeing ’ s most popular jet for years . The Puget Sound Business Journal reports Boeing produced 1,832 of the jets until the last one was delivered to FedEx in 1984 . The 727 was the successor of Boeings first jet , the four-engine 707 . The plane is now on public display at the Museum of Flight in Seattle . For more information , visit their website at museumofflight . org .
12 association of washington business