A homeless encampment known as Nickelsville, in Seattle, Washington. Photo: George Rose/Getty Images

The Seattle City Council approved legislation Monday that will impose tax on for-profit companies with an annual gross of at least $20 million — targeting corporations like Amazon and Starbucks — to help pay toward the city’s staggering homelessness and affordable housing crises, per the AP.

The details: Beginning next year, the plan will tax eligible businesses at a rate of $275 per full-time worker each year, generating about $48 million in revenue. It's less than the $500 initially proposed, but the council feared a veto by Seattle's mayor as critics warnsx the tax could chase away other high-grossing businesses.

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Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).

U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.

BP's in the red, slashing its dividend and vowing a greener future

Photo: Ben Stansall/AFP via Getty Images

BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.

Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.