Powell says deficit outlook may raise what level of interest rates is ‘neutral’

Powell says deficit outlook may raise what level of interest rates is 'neutral'

Seattle kills tax to fund homeless aid after pressure from Amazon, Starbucks

After pressure from businesses such as Amazon.com Inc. and Starbucks Inc. , Seattle has repealed a tax that would have paid for homeless aid, according to multiple reports Tuesday. Business interests, led by the likes of Amazon and Starbucks, Seattle’s largest employers, raised $200,000 in just a few weeks and gathered signatures for a referendum challenging the new tax, according to The Hill. The tax would have targeted the 585 businesses in the city with annual sales over $20 million, and charged a $275-per-employee levy. Seattle’s city council expected the tax to raise $47 million that would have been used to fund affordable housing and programs designed to end homelessness. A Chamber of Commerce-funded study said the tax would eliminate 10,000 jobs and cost $3.5 billion in productivity. Amazon stock was up a fraction after hours and closed up 0.6% to $1698.75. Amazon shares have gained 45% this year, as the S&P 500 index has gained 4%.

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