The relationship between taxes and the economy is a complex one. Since most taxes collected in the country are levied by state and local governments, and states have very different systems and rates of taxation, the impacts of taxes on economies and societies will vary around the country.
Old–But Not That Old
The first of the Baby Boomers turn 75 years old this year. As they have done with every stage of their lives, the Boomers will have an impact on economic geography as they enter the 75-plus age group.
Young—But Not That Young
It is quite possible that young people who want to start families are leaving the Seattle area in substantial numbers, but the implications are not really clear. Do we have a normal underlying, stable demographic with this churning of young adults layered on top?
Retailing Settles In
Overall, retailing of merchandise is higher than pre-pandemic levels, as households spend more of their money on goods and less on services.
The Job Machine Sputters
Economists have been predicting that the recovery from the pandemic recession would hit a wall, and we have hit that wall in Washington.