Head West, Turn Right

The Joint Blog of the Conservative Northwest Blogging Alliance: Red State Points of View from a Blue State Point on the Compass.

Wednesday, August 03, 2005

Raise the B&O Tax Level for Small Businesses

Washington State has the honor of being the top state for creation of new businesses and infamous as the top state for business failures. Our population is extremely entrepreneurial. One item that causes a new small business to struggle is the state Business & Occupation tax. A new business must complete a Washington State Business & Occupation state form and pay taxes starting at $12,000 per calendar year. In addition to paying the tax, the entrepreneur must take the time to fill out the monthly forms. How can a business survive on such a small revenue amount?

Washington State needs to raise the minimum level for payment of B&O taxes from $12,000 per calendar year to at least $250,000. At this level, the business is still small and struggling, but it is at least more likely to survive. If Washington State raised the minimum amount to $250,000, this would exempt over 178,000 companies (70% of the companies who filed returns in 2003). The amount paid by these companies represent less than one percent (0.08%) of funds paid into the state general fund.

What a great way to support small businesses in the State of Washington!

Below is a summary of B&O taxes paid by all businesses in the State of Washington in the calendar year of 2003. The figures were provided by the Department of Revenue.

Size of Firm Based on Gross

# of Firms

Total Gross

Total Taxable

Total Tax due

Less than $250,000

178,401

11,368,565,546

10,766,654,292

90,839,024

Less than $500,000

205,036

20,841,745,194

19,589,685,184

161,004,211

Less than $750,000

217,542

28,504,864,896

26,642,899,164

217,481,067

All Firms

256,714

400,881,238,597

318,741,074,486

2,060,066,781

Total General Fund




11.3 billion

Please consider eliminating B&O taxes on companies with revenues less $250,000.

Cross posted at Island Republican www.islandrepublican.blogspot.com


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