WASHINGTON – A recent survey by the Association of Washington Business highlights significant concerns among local employers about the state’s growing tax burden.
The survey reveals that 17% of businesses are planning to leave Washington, an increase from 9% last year. Furthermore, 44% of business leaders are contemplating moving their personal residence outside the state.
The survey indicates that 64% of respondents view the overall tax burden as their most significant business challenge. Additionally, 75% report experiencing higher taxes due to recent legislative changes.
Alarmingly, 34% of businesses expect Washington to enter a recession within the next year. Only 9% rate the state’s economy as strong, while 33% consider it weak or very weak.
The survey also shows that businesses are more than twice as likely to expand outside Washington than within it, with 30% planning out-of-state expansion compared to 14% within the state.
In response to the tax increase, many businesses are raising prices for customers. A significant 53% are passing along the increased costs to consumers.
The survey also highlights a growing interest in artificial intelligence, with 42% of businesses exploring its use, up from 9% previously.
For more details, visit the Association of Washington Business website.
