Yes. With 3 important caveats: 1) similar things have happened in the past and got overturned, because it's against the WA state constitution. A challenge has already been mounted and the income tax isn't even in effect yet. 2) There is a very very small number of Tech Employees this would actually affect as it's only a 2% of income tax on income over 250K for individual, and 500K for married couple. 3) It's only on Seattle proper, independent of where you work, so you could literately live one block outside of Seattle and not pay. Most people who make that much already do live outside Seattle in Medina or Bellevue.

It's really just a symbolic gesture, to appease the base of those in office, that will most likely be overturned.