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Seattle To Impose 'Head Tax' On City's Biggest Companies

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News video: Seattle To Impose 'Head Tax' On City's Biggest Companies

On Monday the city council of Seattle, Washington voted to impose a new “head tax” on the city’s biggest companies, including Amazon.

According to the council, the tax is meant to battle a housing crisis in the area with sponsors saying a local economic boom has driven up real estate costs.

The measure, which was passed on a 9-0 vote, would raise roughly $47 million a year over the next five years to support affordable housing and services for the city's homeless.

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