The D.C. Chamber of Commerce says it is wary of the proposed 2024-2025 fiscal year budget that is before the D.C. Council.
Angela Franco, chamber president and CEO, expressed her dismay about the council’s push for two new tax increases in the budget, which is scheduled for a second council vote on Wednesday.
鈥淲e are extremely disappointed that the D.C. Council has chosen to include in its budget two proposals that would impose an additional $100 million in new taxes on many of our residents and all of our businesses,鈥 Franco said.
Franco noted that the council wants a marginal property tax rate increase (from $.85 per $100 to $1 per $100 in assessed value) on all homes assessed at more than $2.5 million.
鈥淭he tax will drive up annual costs incurred by these D.C. homeowners, while discouraging higher-end home buyers from moving into the District,鈥 she said.
More troubling, the chamber head said, was a proposed $76 million payroll tax increase on top of an increase that the mayor had proposed in her budget request.
鈥淚f enacted, those increased payroll taxes would be incurred by all District employers, including small businesses and even nonprofit organizations such as hospitals, universities and charities,鈥 Franco said. 鈥淲e will continue to work to make sure we create an initiative to work in supporting the government to manage expenses and avoid actual annual tax increases.鈥