- Seattle plans to repeal a tax on large companies a month after it passed due to pressure from businesses like Amazon (NASDAQ:AMZN) and Starbucks (NASDAQ:SBUX).
- Mayor Jenny Durkan says the city council worked with a range of groups to pass the measure that balanced protecting jobs and supporting affordable area housing. But a business coalition working to overturn the tax with a referendum in November would “lead to a prolonged, expensive political fight over the next five months that will do nothing to tackle our urgent housing and homelessness crisis.”
- A special council will meet today and vote on repealing the tax, which would charge companies that make at least $20M a year in revenue $275 per full-time worker per year and raise $48M a year for affordable housing and homelessness services.
- Starbucks shares are up 0.5% to $56.76.
- Amazon shares are up 0.2% to $1,693.02.
- Now read: Amazon Goes To The Customer
Original article