Washington's small businesses brace for historic tax increases

Small businesses in Washington are bracing for historic tax increases amid a significant $13 billion budget shortfall. Leaders from various business organizations, such as the Seattle Metropolitan Chamber of Commerce, have come together to urge lawmakers to seek alternatives to tax hikes, particularly for small and mid-size businesses, which they argue are vital to the state's economy. Business owners like Amelia Cook and Elaina Morris have voiced their concerns, emphasizing that rising taxes could be detrimental to their already struggling operations. The proposed tax increases, which could be the largest in state history, have raised alarms about worsening the high business failure rate in Washington. Over 60 executives, including those from T-Mobile, Puget Sound Energy, and Nordstrom, signed a letter to state leaders advocating for a review of the tax proposals.

They cite the significant increase in the state operating budget over the past decade as a contributing factor to economic instability. The situation is further complicated by uncertainties at the federal level, affecting businesses reliant on cross-border trade. As the call for legislative action intensifies, the fate of small businesses hangs in the balance, with many urging lawmakers to champion economic stability rather than imposing burdensome tax increases.