Since someone went ahead with the obligatory "they're gonna leave Seattle" comment I will respond to that. They might try (although they're extremely invested and this is a relatively small tax). But if you think every city should lower their taxes and living standard, to maximize short-term profits and therefore incentives for companies to move to or stay there, where does that leave you? The logical endpoint is racing to the bottom in a bidding war for corporate for-profit investment that most residents can't use. Or, in other words, recreating the off-shoring, re-shoring, and hollowing out of communities that has happened for decades in search of labor cost arbitrage. It's unsustainable and unhealthy. The political momentum to tax the ultra-wealthy can spread much faster than they can pack up and move. It's time to do that.