Mar plans to propose that his Board of Supervisors colleagues approve placing a 1.12% payroll tax on stock-based compensation on the November ballot. Combined with the existing .38% payroll tax rate, the new tax would restore San Francisco’s old payroll tax rate of 1.5%, which San Francisco voters reduced in favor of a gross receipts tax 2011.
But levying any additional tax on a company increases the chancesit might leave the city, Egan said.
“We have a big tax burden compared to nearby jurisdictions, which any of these companies could relocate to if they wanted to lower their tax bill,” he said.
Mar said he is not worried about that.
“The tech sector is very much ingrained in San Francisco and in our economy and culture,” he said. “And I don’t really see them leaving.”
My point is companies can escape all these taxes and all the shortcomings of SF people have been harping about by moving a couple miles down to Daly City. And yet I have never heard of any high flying tech companies in DC.
Why is that? People should figure that out before predicting the downfall of SF.
Ride-hailing company Uber will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter.
The valuation sought is less than the $120 billion valuation that investment bankers told Uber last year it could fetch, and closer to the $76 billion valuation it attained in its last private fundraising round last year.
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