Lifelong Democrat Business Owners Raise Alarm Over Washington Taxes

Washington business owners Chris and Riley Lear say years of economic instability, rising costs, and Washington’s new income tax are pushing some employers to consider relocating their businesses and personal residences out of the state. The couple, owners of the Bonney Lake-based company Teeter, say surviving the years following COVID has become increasingly difficult as businesses face wave after wave of financial pressure. TOP STORY: BUSINESS OWNERS SAY THEY’VE BEEN “BLED DRY” The Lears explained: Their company survived major staffing reductions after COVID Shipping costs, inflation, interest rates, tariffs, and rising prices have steadily reduced profitability Businesses are struggling to reinvest and plan for the future According to the interview: “We’ve been kicked in the teeth so many times.” The couple described: Shipping costs “through the roof” Interest rates wiping out profits Tariffs increasing financial strain Ongoing uncertainty making expansion difficult Chris Lear said: “There’s nothing else to give. We have literally been bled dry.” They also noted: Their workforce dropped from roughly 60 employees to around 20 Hiring remains difficult Businesses need more economic stability and support S-CORPORATION TAX CONCERNS The Lears also raised concerns about how Washington’s new income tax could impact S-corporations and pass-through businesses. They explained: Business income often appears as personal income on tax returns Reported profits may not reflect actual available cash Inventory and operational costs can distort taxable income figures According to the discussion: ➡️ A company may appear highly profitable on paper while much of the money remains tied up in inventory and operations. The couple warned: Many employers are still recovering from difficult years One profitable year may not reflect overall financial stability Policymakers may not fully understand how business finances operate BUSINESS EXODUS CONCERNS CONTINUE TO GROW The comments come amid growing backlash against Washington’s new 9.9% income tax on high earners. According to the report: Some entrepreneurs are already considering relocation Legal challenges against the tax are ongoing A repeal initiative campaign is currently gathering signatures for the November ballot Other business figures mentioned in the report who have raised relocation concerns include: Bulwark Capital Management CIO Zach Abraham Venice AI founder Jesse Pruett Critics argue: ➡️ Washington’s cumulative tax and regulatory burden is discouraging investment ➡️ Businesses need long-term predictability and stability ➡️ More employers may eventually leave the state Supporters argue: ➡️ The tax applies only to top earners ➡️ Additional state revenue is necessary ➡️ Washington remains economically competitive WHY THIS MATTERS This impacts: Small businesses Hiring and employment Economic growth Investment and expansion Washington tax policy Business competitiveness The debate over Washington’s new income tax is increasingly becoming a broader fight over the future of the state’s business climate and economic stability. #WashingtonState #Business #Economy #IncomeTax #Taxes #SmallBusiness #Entrepreneur #Politics #BreakingNews #USNews