British-American Business Connections (BABC-PNW) Statement on Seattle Head Tax
Seattle, Wash., May 24, 2018 – The Pacific Northwest chapter of British-American Business Connections (BABC-PNW) today released a statement on the Seattle Head Tax passed by the Seattle City Council last week.
Responding to measure’s passage, the 15-member body of the BABC-PNW Board of Directors stated, “We are disappointed and disheartened by the recent decision of the Seattle City Council to pass a head tax on jobs. As an organization representing transatlantic companies engaged in global business between the Pacific Northwest and the UK, we believe this decision negatively impacts Seattle’s global economy and its attraction as a world-class destination for the development, cultivation and retention of top international business operations and talent in key industry sectors.”
BABC Director Richard Biggs, president of Atlantric, a Portland-based international consultancy, says the he expects the head tax to be a deterrent to businesses considering Seattle for business expansion or start up.
“The effects will be significant particularly to the small-to-medium sized companies,” says Biggs. “A business with $20 million in annual revenue, employing 500 people with 10 percent net income, would need to increase revenues by approximately 7 percent simply to cover the extra cost and stand still. That is a big impact that companies will ultimately have to weigh when considering the locations for their operations.”
About British-American Business Connections (BABC-PNW)
The Pacific Northwest chapter of British-American Business Connections (BABC-PNW) fosters a robust and collaborative business network. The chapter has been successfully connecting people, companies, and organizations engaged in business, trade, and transatlantic interests for more than 20 years. As a premiere forum for British and American companies and professionals, BABC-PNW fosters relationships, helps build networks, and engages a regional and international community exchange. BABC-PNW is part of the global network of the British-American Business Council (BABC), the largest transatlantic business network, with 22 chapters and 2,000 member companies, including many of the world’s largest multinationals, based in major business centers throughout North America and the UK. The BABC is supported by an International Advisory Board (IAB), consisting principally of the chairmen and chief executives of leading US and British multinational companies. www.babcpnw.org