Following the council vote, Amazon’s vice president, Drew Herdener, said the company has resumed construction planning for its so-called Block 18 project in downtown Seattle.
SEATTLE (Reuters) - Seattle’s city council on Monday approved a new tax for the city’s biggest companies, including Amazon.com Inc., to combat a housing crisis attributed in part to a local economic boom that has driven up real estate costs at the expense of the working class.
Amazon, the city’s largest employer, said after the vote that it would go ahead with planning for a major downtown office building that it earlier had put on hold over its objections to a much stiffer tax plan originally proposed.
As passed on a 9-0 vote after a boisterous public hearing, the measure would apply to most companies grossing at least $20 million a year, levying a tax of roughly 14 cents per employee per hour worked within the city - about $275 annually for each worker.
Side note, today Amazon closed $32.70 down and Starbucks down .34. So the market isn't happy with the future prospects of this from a business point of view