San Francisco officials will withdraw a proposed “IPO tax” meant to target the spate of startups—including Uber and Lyft—that have gone public or are slated to make their initial public offerings this year by rachsandl
The proposed tax, if passed in 2020, is projected to generate at least $50 million in revenue to San Francisco. : San Francisco officials will withdraw a proposed “IPO tax” meant to target the spate of startups—including Uber and Lyft—that have gone public or are slated to make their initial public offerings this year.
The tax would also apply to other stock-based compensation events, such as when companies issue stock bonuses.Edward Wright, a legislative aide for San Francisco Supervisor Gordon Mar, who introduced the measure, toldthat the proposal was delayed because the coalition supporting the measure wanted to coordinate with the city, which is planning a review of how business taxes are structured over the next few months, on a longer-term solution for income inequality.
“With a more stable revenue projection in the long term, the immediacy of capturing short-term wealth creation became less urgent,” Wright said. “But we do know we are leaving some money on the table by doing this.” Opponents have said that San Francisco’s piecemeal approach to business taxes makes the tax code too complicated. San Francisco has been grappling with how to handle tech companies in the city, which have come to symbolize the vast gap between the wealthy tech elite and everyone else, including the growing number of homeless people living on city streets.
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