Seattle's tax collections nearly tripled in a decade as burden shifted to large employers, report finds
An ECOnorthwest study for downtown business groups found fewer than 20 companies account for about US$356 million a year.
Seattle's tax collections have grown from US$900 million in 2013 to a projected US$2.8 billion in 2026, according to a report by ECOnorthwest commissioned by the Downtown Seattle Association and the Seattle Metropolitan Chamber of Commerce, GeekWire reported on Monday.
Between 2013 and 2025, city tax revenue rose 172 per cent, outpacing population growth of 31 per cent, job growth of 23 per cent and local inflation of 50 per cent.
Broad-based taxes such as property, sales, utility and general business and occupation taxes made up 83 per cent of collections in 2013 and are projected to fall to 52 per cent in 2026. The JumpStart payroll expense tax is paid by fewer than 500 companies, with the top 10 paying 73 per cent, and the Social Housing Tax by about 220 entities.
Overlap among top taxpayers means fewer than 20 companies account for roughly US$356 million in annual city revenue, the report found.
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