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.
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