City Council proposes new tax on wealthy businesses (Seattle, Bellevue: sales, transfer)

[Flightoficarus87]

Seattle council members propose tax on wealthy businesses | KOMO

On the plus side, maybe it will help cool off the housing market a bit if it passes .

[Hemlock140]

Originally Posted by Flightoficarus87

Seattle council members propose tax on wealthy businesses | KOMO

On the plus side, maybe it will help cool off the housing market a bit if it passes .

When you add to that the other anti-business policies of the City of Seattle, the traffic congestion and
proposed income tax on the top earners, this could be the straw that breaks the camel's back, and indeed drive some companies across the water to Bellevue/Redmond. Amazon, the largest, is already talking about adding a second HQ, and people wonder why.

[BATCAT]

Originally Posted by Hemlock140

Amazon, the largest, is already talking about adding a second HQ, and people wonder why.

I would be shocked if Amazon diversifying it's headquarters has anything to do with a perception that Seattle is anti-business.

Originally Posted by Hemlock140

When you add to that the other anti-business policies of the City of Seattle, the traffic congestion and proposed income tax on the top earners, this could be the straw that breaks the camel's back, and indeed drive some companies across the water to Bellevue/Redmond.

Expedia is moving it's headquarters from Bellevue to Seattle in 2019. Google is building a massive new 4-building campus in SLU. Amazon is expanding into downtown. Geekwire just noted the recent big increase in tech companies moving to the Seattle region, the vast majority in Seattle proper, making here the second-biggest tech market in the US:
https://www.geekwire.com/2017/100-to...-less-3-years/

Regardless of what you think of the proposed tax, if companies are perceiving an "anti-business" agenda from the city, they have a funny way of showing it.

[Hemlock140]

Originally Posted by BATCAT

I would be shocked if Amazon diversifying it's headquarters has anything to do with a perception that Seattle is anti-business.



Expedia is moving it's headquarters from Bellevue to Seattle in 2019. Google is building a massive new 4-building campus in SLU. Amazon is expanding into downtown. Geekwire just noted the recent big increase in tech companies moving to the Seattle region, the vast majority in Seattle proper, making here the second-biggest tech market in the US:
https://www.geekwire.com/2017/100-to...-less-3-years/

Regardless of what you think of the proposed tax, if companies are perceiving an "anti-business" agenda from the city, they have a funny way of showing it.

That's what I find so interesting about the City, all of the decisions above were made before they started talking about their head tax. These moves into Seattle have been to attract the best young tech workers, who prefer to live and work in Seattle rather than suburban eastside cities.

[jakebarnes]

I consider myself a liberal, but I'm beginning to see where the tax and spend reputation comes from. This proposed tax is on top of the Housing Levy, and an affordable housing bond. Plus, since it is boom time and we depend on sales taxes, there should be a lot of tax money coming into the coffers. I wish Seattle were saving money instead of spending it on every feel good program they can. More bright colored painted crosswalks for 66k? Sure! Plenty of money for everything! Until the next downturn and they cut bus service, train service, social services, etc. This happens EVERY TIME. I've been through 3 recessions here, and it just keeps repeating.

At least their heart is in the right place. I believe they honestly want to solve homelessness. Maybe this will be the tax increase that finally solves homelessness. I won't be holding my breath though. And businesses can and do move. The company I work for is increasing headcount in other places and moving work around while maintaining its Seattle presence. Presumably to minimize their exposure to taxes like this (as well as employees can't afford to live here anymore-- we've had people refuse transfers due to cost of living)

We are probably going to be like SF - upper middle class to rich people who can feel good about how progressive they are (while reaping the benefits of income inequality), a small contingent of people living in social housing, and the homeless.