Seattle's controversial payroll tax has failed to meet revenue expectations as major businesses continue to leave the city. Last week, Mayor Bruce Harrell announced that Seattle collected $47 million less in payroll taxes than projected in 2024. The city had anticipated over $400 million in revenue but brought in only $360 million, compounding an already staggering $260 million budget deficit.
Seattle’s payroll expense tax on large businesses generated $47 million less than projected last year, with Mayor Bruce Harrell suggesting major corporations are not contributing their fair share. The Office of Economic and Revenue Forecasts released its year-end revenue report on Tuesday, showing actual revenues of $360 million, falling short of the October projection of $406.8 million.
