San Francisco Tax Battle

http://www.futureofcapitalism.com/2011/03/san-francisco-tax-battle

It's starting to look as though that special tax break for Twitter in San Francisco could — could — be the start of a broader effort to roll back taxes in San Francisco. TechCrunch reports:

The goal isn't a mere concession or two for the big boys. It isn't a two-year payroll tax deferral either. David Chiu, President of San Francisco's Board of Supervisors, is aiming for a near term agreement to take taxing startup stock options off the table completely and a goal over the next two years of repealing the payroll tax as it stands now– completely.

"I want to thank TechCrunch for starting this urgent conversation," he said in an interview earlier today. "We are the only city in the entire state with a payroll tax, and I've been concerned about it since I came into office. Last year, we jump-started the conversation about why it is a job killing tax. I want to propose big changes, and it's a long conversation."....

As this issue gets bigger, it could be about even more than saving jobs. It could be about changing the political makeup of the city.... the progressive forces in the city may have pushed too far, awaking a new political consciousness of San Franciscians who actually want to be able to work, buy a house and build a full life in the city they love.

Link via a Huffington Post home page headline: "Does a Tax Drive Businesses Away From San Francisco?" When even the leftish Huffington Post is warning about the job-killing effect of high local taxes, it's a sign the message is starting to sink in.

by Editor  |  Mar 29, 2011 at 11:42 pm Related Topics:  Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list