Organizations and institutions of all kinds are implementing dynamic economic modeling techniques in order to better comprehend the inner workings of their local economies. These entities have realized that they can use new tools and applications to more accurately examine the current state of their regions, which then enhances their ability to appropriately adjust legislation and plan for the future.
The nonprofit news site Crosscut recently published an article discussing some of the developments within the state of Washington and the potential policy trajectories that might be proposed during their legislative session.
Included in this story was a description of the Washington State Budget & Policy Center’s use of the REMI model to analyze the employment and budgetary impacts of establishing a tax on the state’s wealthiest households. Their assessment of the state’s tax structure also involved scenarios considering how budget cuts could negatively affect what they identified as the most regressive tax system in the nation.
The state of Wyoming’s tax system was also evaluated earlier this year using the Wyoming Department of Administration & Information’s REMI model as they took a closer look at the state’s various tax exemptions. The County17 news outlet in Wyoming detailed the results of this exploration of their current tax structure and its overall effectiveness regarding employment, investment, revenue, and more.
Last week, REMI provided a webinar presentation, “Economic Outlook: Washington,” that used our Policy Insight model to highlight the economic and demographic indicators involved in the state of Washington’s short-, medium-, and long-term economic outlook after the election of a new president and the emergence of COVID-19.
You can access the Crosscut website and read more about Washington’s tax policy options by clicking here.
Click here to find the County17 article on Wyoming’s tax exemptions.
Feel free to visit our “Economic Outlook: Washington” webpage to review the presentation slides and a recording of the webinar by clicking here.