Seattle taxpayers pay some of the highest taxes in the country so that Sound Transit can build $75 billion worth of light-rail and other transit facilities. Some of those taxpayers must have been overjoyed to read a Sound Transit press release saying, “Local taxpayers to save more than $500 million through USDOT financing assistance.”
Those same taxpayers, however, may be wondering: are they going to get that $500 million back in rebates on the taxes they have paid to date? Is Sound Transit going to reduce future taxes to take this savings into account? Or will Sound Transit just throw a big party with an open bar and invite Seattle taxpayers to attend? How about none of the above.
Early this year, Sound Transit admitted that the cost of two planned light-rail lines will be as much as 70 percent more — than originally projected. That’s $6.2 billion. The agency faces a $6.5 billion shortfall in funds, which plans to deal with by delaying completion of several promised light-rail lines to as late as 2041 — 44 years after taxpayers began paying for them. Continue reading
