Seattle council committee approves payroll tax
The Seattle City Council budget committee on Wednesday approved a tax on businesses and nonprofits with annual payrolls of $7 million more.
The full council is scheduled to vote on the measure — the largest tax hike in Seattle in recent memory — on Monday.
The committee amended the graduated tax, called JumpStart Seattle, by adding a tier of taxation and striking the sunset provision that would have ended the tax at the end of 2030.
As initially proposed, JumpStart Seattle would have imposed two tiers. A new middle tier was added.
Companies with payrolls of $7 million to $99.99 million will be taxed 0.7% on salaries of $150,000 to $399,999; and 1.7% on $400,000 and above.
Companies with payrolls between $100 million to $999.9 million will be taxed 0.7% on salaries of $150,000 to $399,999; and 1.9% on salaries of $400,000 or above.
Companies with payrolls of $1 billion or higher will be taxed 1.4% on compensation between $150,000 to $399,000 and 2.4% on $400,000 or more.
https://www.bizjournals.com/seattle/news/2020/07/01/seattle-council-vote-expected-on-payroll-tax.html?ana=e_sea_bn_breakingnews_breakingnews&j=90517048&t=Breaking%20News&mkt_tok=eyJpIjoiWkdNNU1HWXdNamMxTlRVdyIsInQiOiJ4NnFSTFV3K3NNRVRHSk1nMlUzXC9XSkVZdkx1ekwxYnpiNkY3bG91OXA5XC9hUUs3UTlkTjV5cHdheHk3MFE0dVwvdTNoQnozOGhrTEg1SDJFcWwyZzFNUmFkaFZEU1Z3akZldWtzaklVcmp2RU41ZGFBU1lkcWdnd2wrQ2ZmRkhKOCJ9