Posted on Aug 11, 2023
Seattle debates whether to expand big business tax to balance city's budget
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Seattle’s business community is bristling at a proposal to expand taxes that target large, wealthy companies in the city. It’s one of several ideas that came out of a workgroup of stakeholders tasked with exploring ways to close an impending budget gap.
One option: expanding the so-called JumpStart tax passed by the City Council in 2020.
Business groups say there are a number of other reforms the city could make to balance the budget before expanding taxes. Progressives, on the other hand, point to Seattle’s booming population and growing crises — like homelessness and addiction — as reasons more revenue sources are needed.
In its current form, JumpStart taxes Seattle companies with payroll expenses over $8 million a year who have employees earning more than $174,000 per year. The idea is to tax well-resourced companies that pay high salaries — namely, Amazon.
One option: expanding the so-called JumpStart tax passed by the City Council in 2020.
Business groups say there are a number of other reforms the city could make to balance the budget before expanding taxes. Progressives, on the other hand, point to Seattle’s booming population and growing crises — like homelessness and addiction — as reasons more revenue sources are needed.
In its current form, JumpStart taxes Seattle companies with payroll expenses over $8 million a year who have employees earning more than $174,000 per year. The idea is to tax well-resourced companies that pay high salaries — namely, Amazon.
Seattle debates whether to expand big business tax to balance city's budget
Posted from kuow.org
Posted 9 mo ago
Responses: 5
Posted 9 mo ago
Corporate Taxes: Last Week Tonight with John Oliver (HBO)
Many of America’s largest corporations shift a surprising portion of their profits overseas to avoid paying taxes. Even more surprisingly, that’s a legal thi...
Before complaining about tax increases, remember that some big corporations already get breaks and deductions. Some even move every few years to get new breaks instead of settling down.
https://www.youtube.com/watch?v=RKjk0ECXjiQ
https://www.youtube.com/watch?v=RKjk0ECXjiQ
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PO1 William "Chip" Nagel
9 mo
LTC Eugene Chu Breaks? Hell! Most of these Project are Financed by the Cities, Communities, States where these Monster Warehouses and Plants are Put In. Long Past Due they Pay Something!
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Posted 9 mo ago
Employers not paying a living wage are being subsidized by taxpayers.
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