“...tax...that will raise over 200 million PER YEAR.”
Estimates of how much revenue will be raised by this or that tax are always wrong. The reason is, they take the existing financial picture and add a percentage to it. THAT is the new estimated income. But that financial picture is predicated on the existing taxes. Studies have shown that when taxes are low people simply pay them. However, when people no longer consider the taxes low they look for ways to avoid the tax. Ordinary wage earners who have their taxes deducted from their paycheck have little choice over whether to pay or to attempt to avoid the tax. High wage earners have more control over what their taxable income looks like. They also have the financial wherewithal to take actions like moving their home or business to a non-taxed location. They have tax accountants and loopholes.
This is one reason why lower taxes often bring in more tax revenue. When taxes fall below the pain threshold people simply pay them rather than go to great lengths to avoid them. This has been proven over and over.
The leaders in Seattle are rapidly turning the place into Detroit.
I can hardly imagine anything more damaging to low income minorities than defunding their police force. Violent crime will go through the roof.