Microsoft (MSFT) president Brad Smith has warned that Washington state proposals to raise taxes on big companies and wealthy individuals risks hurting the region's economy, Bloomberg reported Friday, citing an interview with the executive.

The plan to increase taxes, proposed by state lawmakers and Seattle mayor-elect Katie Wilson, will hinder growth and erode competitiveness, as well as force companies to reconsider where they place employees, Smith said, according to the report.

Changes to state's tax policy could push Microsoft to move more jobs to Vancouver, Canada, the executive reportedly said.

Microsoft did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 470.15, Change: -8.29, Percent Change: -1.73