At the State of the District address on Monday, March 18, Mayor Bowser shared several major components of her FY 2020-23 Budget and Financial Plan. The document was fully released on Wednesday, March 20.
The following day, Yesim Taylor, Executive Director of the D.C. Policy Center, published an analysis of the Mayor’s proposal. Below are the main findings:
- The budget proposes increasing the city’s spending a lot and at a much faster rate than the economy is growing.
- To pay for the higher expenditures, there would be a 9 percent increase in tax revenue—much of it from one-time use of past savings and increases in commercial real estate taxes.
- But DC already has some of the highest commercial real estate taxes and transaction costs in the region.
- More fundamentally, these proposed taxes are haphazardly applied and continue to move the city away from sound tax principles.
You can read the full D.C. Policy Center report HERE.
