Downtown Seattle Loses 30,000 Jobs and $10 Billion in Office Value Since 2020 Payroll Tax

A new report reveals that downtown Seattle has lost 30,000 jobs and $10 billion in office value since the JumpStart Payroll Expense tax began in 2020. This economic decline stands in stark contrast to its neighbor city Bellevue, which has not faced the same fiscal burdens. The findings highlight the significant economic impact of state-level payroll taxes on urban employment and real estate markets.