How Would Roads & Transit be Funded?
The new Roads & Transit capital investments would create assets worth approximately $17.8 billion in 2006 dollars ($10.8 billion for Sound Transit and $7 billion for RTID).
New taxes proposed:
- 0.6 of one percent of sales tax--six cents on a $10 purchase (.5 Sound Transit, .1 RTID)
- 0.8 percent MVET, or $80 for every $10,000 worth of value per vehicle (RTID only)
New tax revenues generated during 20-year investment period:
- Sound Transit: $7.5 billion
- RTID: $4.7 billion
The proposed new revenues would leverage existing taxes currently levied by Sound Transit and the State of Washington to fund the transit and highway projects.
The portions of Snohomish County outside the Sound Transit district would be subject to RTID taxes only.