US EditionA New State Payroll Tax Could Drive Jobs out of Washington
- Washington lawmakers are proposing a new 5 percent payroll tax on employee earnings over $1 million, which may cost businesses $2.3 billion annually.
- Seattle reported $47 million less in payroll tax revenue than expected for 2024, prompting concerns from city officials about budget deficits.
- Microsoft President Brad Smith expressed worries that the new tax could harm the state's tech sector, stating, "If you make jobs more expensive, it becomes harder to keep jobs or to grow jobs here."
- Seattle's Mayor acknowledged business flight, stating, "We know this decrease in revenue is aligned with recent reports of major employers moving thousands of high-paying jobs out of Seattle to other cities in our region.
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Seattle mayor reveals $47 MILLION payroll tax deficit as companies flee the Emerald City
“We also know this news only adds to significant negative impacts for future years when combined with President Trump’s actions to rescind grants to our city, implement harmful tariffs, and focus on failed economic policies that prioritize the wealthy over working families.”
Seattle Payroll Tax Shortfall - American Faith
Seattle’s controversial payroll tax has failed to meet revenue expectations as major businesses continue to leave the city. Last week, Mayor Bruce Harrell announced that Seattle collected $47 million less in payroll taxes than projected in 2024. The city had anticipated over $400 million in revenue but brought in only $360 million, compounding an already staggering $260 million budget deficit. The payroll tax, originally called the “Head Tax” an…
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