Seattle's Corporate Taxes Rise as Tech Jobs Decline
A new report says Seattle's city tax revenue tripled since 2013, but much of the increase now comes from targeted business taxes, especially on major tech employers. Two newer taxes, mainly paid by fewer than 20 companies, now make up nearly a third of business collections. Meanwhile, Seattle lost 24,000 jobs since 2020 while nearby suburbs added jobs. The city’s top tech firms are paying a growing share of the bill as overall employment drops.
- City tax revenue up 172% since 2013
- Core broad taxes fell from 83% to 52% of total
- Targeted taxes now make up about one-third
- Fewer than 20 companies pay $356M annually
- Seattle lost 24,000 jobs since 2020
Sources covering this
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