Seattle City Council proposes new Amazon Tax Targeting Big Business | Seattle Real Estate Podcast

Join Sean Reynolds of the Seattle Real Estate Podcast as he discusses a new tax proposed by the Seattle City Council that taxes the top 3% of Seattle Big Business and redistributes to the people.

The Seattle City Council introduced a new proposal Tuesday to tax the largest companies in the city, the latest in a series of attempts to capture some of the wealth generated by Amazon, Expedia, and other big businesses to address critical challenges.

The proposal, introduced by council member Teresa Mosqueda, is similar in structure but more modest than competing legislation from council members Kshama Sawant and Tammy Morales. It would levy a tax on salaries exceeding $150,000 annually at Seattle’s largest companies. Businesses with total annual payroll expenses of $7 million or more would be subject to the tax.

The legislation establishes a tiered tax plan that breaks down like this:

Companies with an annual payroll of $7 million – $1 billion would pay a 0.7% tax on salaries between $150,000-$499,999 and a 1.4% tax on salaries greater than $500,000

Companies with an annual payroll exceeding $1 billion would pay a 1.4% tax on salaries between $150,000-$499,999 and a 2.1% tax on salaries greater than $500,000

The legislation only applies to the payroll of employees based in Seattle. It includes stock grants but does not apply to stock options which may or may not be exercised in the future, according to City Council staff.

The city estimates the taxes collected from companies below the $1 billion annual payroll threshold will generate about $173.5 million dollars each year. The City Council does not know how much additional revenue would come from taxes on companies with annual payrolls exceeding $1 billion annually because that data is confidential.

#amazon #seattle

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