In 2012, The City's 100 largest business taxpayers accounted for 34% of business tax revenue. Last year, they accounted for 58%.
San Francisco increasingly relies on taxing major businesses to generate tax revenues, potentially prompting companies to look elsewhere and stymying The City's post-pandemic recovery, according to a city analysis released Wednesday.
The new report was commissioned by Supervisor Rafael Mandelman, who told The Examiner Wednesday that it clarified"things that I think I long had suspected about our tax base, our general fund becoming ever more dependent on a small number of taxpayers paying ever more, and worrying overlap between the taxpayer base we're relying on and the businesses that appear to be coming back the slowest and or actually pulling out of the city.
"Our work to revitalize downtown, strengthen our economy, and remain an economic leader requires us to change how we structure our taxes, Mayor London Breed said in a statement Wednesday."We can set our business taxes to both deliver the important services we all rely on while also making us more competitive to attract and retain business.
Spate of issues cause sweeping BART delays during morning commute Most lines have been impacted by problems starting as early as 5:30 a.m For example, voters passed the Overpaid Executive Tax, which places an additional business tax on companies for which the top employees earn more than 100 times the average San Francisco worker.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Phillies' Craig Kimbrel helps National League win first All-Star Game since 2012Philadelphia Phillies' Craig Kimbrel sends the National League to its first All-Star Game win since 2012 with a strikeout of Jose Ramirez
Read more »
Rockies' Elias Diaz shines bright, leads NL to first All-Star Game win since 2012Rockies catcher Elias Diaz walked away with the biggest honor as the All-Star MVP award by hitting the game-winning home run in the eighth inning.
Read more »
Houston Black-owned business selected to receive $25,000 grantA Houston-area Black-owned business received a big grant to expand their business.
Read more »
Inflation Rose 3% Annually in JuneU.S. inflation rose 0.2% in June from May and 3% annually, according to the Bureau of Labor Statistics. See potential biases and similarities in reports from cnnbusiness, foxbusiness and cnbc:
Read more »
Johannesburg gets first snowfall in more than a decadePhotos from around the city show delighted residents gallivanting among the snowflakes, which last coated the area in August 2012.
Read more »
Bank of America to pay more than $100 million for doubling fees, opening accounts without customer consentBank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
Read more »