Bloomberg Tax
July 7, 2020, 4:03 AMUpdated: Dec. 9, 2020, 8:52 PM

Seattle Puts 20-Year Tax on Big High-Pay Companies (Corrected)

Paul Shukovsky
Paul Shukovsky
Staff Correspondent

Large Seattle companies like Inc. are in the crosshairs of a new tax the City Council passed Monday targeting the payroll expenses of high salaries with tax rates that escalate based on the number of zeros on the paychecks and the overall size of the payroll.

The narrowly tailored tax is aimed only at the city’s biggest businesses paying the highest salaries. It would spare small businesses and middle- and lower-class residents struggling to get by in a city where housing prices have continued to rise unabated during the Covid-19 pandemic.

The council bill would provide for levies on ...

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