Write For Us

Seattle approves 'Amazon Tax' to alleviate city's affordable housing crisis


Amazon CEO Jeff Bezos attends a meeting at Trump Tower in New York City on December 14, 2016. This year, Bezos was named the wealthiest man in the world with a net worth of more than $127 billion. File Photo by Albin Lohr-Jones/UPI/Pool
License Photo

By Ray Downs, UPI

The Seattle City Council unanimously approved a tax on big businesses to help alleviate the city's growing homelessness problem and lack of affordable housing.

The tax, which has been unofficially nicknamed the "Amazon Tax," -- named after the online retailer which is headquartered in Seattle -- will affect businesses that generate annual revenue of $20 million or more, the Seattle Times reported. Those businesses, about 3 percent of all businesses in the city, will pay an extra $275 per full-time employee each year over the next five years, at which point the tax will expire.

The tax is expected to generate nearly $47 million, which will be used to build 591 low-income housing units by 2023.

According to the Housing for All Coalition, Seattle needs more than 27,000 affordable housing units for households earning less than $24,000 annually.

After the Seattle City Council vote on Monday, the Transit Riders Union, which is affiliated with the Housing for All Coalition, said the new tax would begin alleviating the city's housing crisis.

"Is this bill everything we hoped for? No. Is it a major step forward? Absolutely," the Transit Riders Union said in an email to supporters, according to the Seattle Times.

The original tax proposal was nearly twice as high and would have generated close to $80 million. But city council members chose to approve a thinner version of that proposal.

Amazon is the city's largest private employer and will pay the most under the new tax law. The company lobbied against both tax proposals and Drew Herdener, an Amazon vice president, said the retail giant was disappointed in Monday's vote, according to The New York Times.

"We remain very apprehensive about the future created by the council's hostile approach and rhetoric toward larger businesses, which forces us to question our growth here," Herdener said.


Note: If you think this story need more information or correction, feel free to comment below your opinion and reaction.
Like & Follow to Stay Updated ...


Alabama,1,Arizona,1,Barack,1,California,3,Colorado,1,Connecticut,1,Crime,531,Florida,1,Franc,1,Hawaii,8,Illinois,1,Los Angeles,2,Massachusetts,3,Mississippi,1,New York,130,U.S.,1558,Washington,4,
U.S. - U.S. Daily News: Seattle approves 'Amazon Tax' to alleviate city's affordable housing crisis
Seattle approves 'Amazon Tax' to alleviate city's affordable housing crisis
U.S. - U.S. Daily News
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy