July 6, 2016 Comments Off on “Tech Tax” Proposed in San Francisco Views: 395 Bay Area, California News, West

“Tech Tax” Proposed in San Francisco

San Francisco is considering a “tech tax” that would levy a 1.5% payroll tax on technology companies to help fund affordable housing and homeless programs. Three members of the Board of Supervisors proposed a tax expected to generate more than $100 million in additional annual revenue.

The tax would target tech companies and startups whose gross receipts exceed more than $1 million. Proponents, who say fast-growing tech companies are to blame for high real estate prices, hope to place it on the ballot in November. Opponents criticizing the proposal say it is misguided and will actually drive jobs out of San Francisco.

It is estimated that 6,686 people lived on the streets and in shelters in 2015, a nearly 4% increase from 2013.

Read More at CNN Money

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