Washington lawmakers pass significant tax increases, alarming tech sector amid budget gap concerns

Lawmakers' decision to raise taxes has sparked outrage among the tech sector, with industry leaders warning it signals a growing unwelcomeness towards tech innovation in Washington. The proposals are labeled as the largest tax increase in state history.

Sources:
GeekWire
Updated 3h ago
Section 1 background
'The largest tax increase in Washington state history to essentially cover unsustainable spending growth.'
Rachel Smith
President and CEO at the Seattle Metro Chamber
GeekWire
Increase in capital gains tax for gains up to $1 million
7%
GeekWire
Increase in capital gains tax for gains above $1 million
9.9%
GeekWire
Key Facts
  • Washington state lawmakers passed a series of tax increases on businesses to plug a massive budget gap, which has sparked strong backlash from tech and business groups.GeekWire
  • Tech sector is particularly alarmed; proposals are seen as sending an unmistakable signal to the market that tech is no longer welcome in Washington state.GeekWire
Article not found
⌂ Home ‹

Source Citations