![]() It put in place a 1% marginal income tax on the wealthiest residents and a 1% tax on gross profits for the region’s biggest businesses. Introduced last week, House Bill 2907 would allow King County to impose a payroll tax of 0.1 to 0.2 on compensation paid by businesses to employees making at least 150,000 a year, with. In May, voters in the Portland, Oregon, area approved a tax on the wealthiest residents and the biggest businesses in Portland, Oregon, to raise $2.5 billion over a decade to address homelessness. The Seattle measure isn’t the first in the Northwest to focus on high earners and large businesses to pay for services as governments grapple with budget woes during the COVID-19 pandemic. The tax applies to profits from selling capital assets, such as stocks and bonds, if those profits exceed 250,000 per person (or per married couple) in a year. “Job taxes are counterproductive to job creation and have a history in Seattle of being enacted and then later repealed,” Scholes said. Why it matters: The 7 capital gains tax, which Washingtons Legislature approved in 2021, is projected to raise about 500 million per year for public education and child care programs. But if she were to veto it, only six votes would be needed to override her veto.ĭowntown Seattle Association President & CEO Jon Scholes said in a statement after the vote that taxing jobs is bad public policy, and that to him it is even more concerning as Seattle faces double-digit unemployment. ![]() Seattle Mayor Jenny Durkan hasn’t taken a hard position on the tax. The bill was amended Monday to exempt some health care organizations for three years during the coronavirus crisis and to allow the law to end, or sunset, 20 years after it is enacted. Money from the tax will be used to underwrite $86 million in coronavirus relief to shore up city services as Seattle emerges from the pandemic and over the long term to pay for affordable housing, business assistance and community development. ![]() Washington charges a gross income tax of 1.8 on your revenue after your first 35,000 of gross receipts. As amended in committee last week, the tax rate would range from 0.7% to 2.4%, with tiers for various payroll and salary amounts. What is the Washington corporate net income tax rate. Under the new tax, companies with annual payrolls over $7 million will be taxed based on their pay to employees making over $150,000 per year. Progressive and eBay to a grant program led by a Grammy-winning musician, heres a look at small-business grants you can apply for in May. It will help Seattle survive the crisis of COVID and emerge stronger and more equitable.” You can file and pay online using a credit card or an electronic check (e-check). You pay this tax if your annual taxable gross revenue is 100,000 or more. “This is about caring for Seattleites now and into the future. If you do business in Seattle, you must: Have a Seattle business license tax certificate. In last year’s council elections, five candidates defeated opponents who were supported by big business groups. Alex Pedersen and Debora Juarez voted against it. ![]() Mosqueda and council members Lorena González, Kshama Sawant, Tammy Morales, Lisa Herbold, Dan Strauss and Andrew Lewis voted for the new tax Monday. ![]()
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