IN THE NEWS: Mayor Bruce Harrell and Seattle City Councilmember Alexis Mercedes Rinck are proposing a revision in the city’s tax code that would significantly lower the business and occupation tax for smaller businesses but raise it substantially for the most revenue-rich 10% of businesses.
The impulse to get more money from the most successful entrepreneurs in this very affluent town is understandable, given the budget challenges civic leaders face, but the big risk, as always, is that if taxes get too high, a number of those businesses and the jobs they support will simply move across Lake Washington and leave Seattle that much poorer.
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