SF 2020 ELECTION BRIEFING: BUSINESS TAX EDITION
As we near the one-month runway of the November 2020 election, it’s time to start studying the San Francisco ballot. In our latest blog, we tell you all you need to know about two of San Francisco’s high-profile tax measures you’ll see on the local ballot.
We’ll cover all 13 San Francisco ballot measures in our voter guide (coming soon), but for now, let’s walk you through the two San Francisco tax measures that could drastically change the City’s budget and business landscape. Proposition F, known as San Francisco’s Business Tax Overhaul, would officially phase out the City’s 0.38 percent payroll tax and increase the gross receipts tax (GRT) rates over the next few years. If passed, some businesses won’t see tax hikes until 2024. Companies in tech and financial services, however, will see their tax rates increase as early as next year and end up paying an additional $43 million in annual taxes.
sf.citi has written about the San Francisco “CEO tax” a number of times since it was first introduced by District 6 Supervisor Matt Haney in 2019. Now, it has finally made its way to the San Francisco ballot. Proposition L, or the Business Tax Based on Comparison of Top Executive’s Pay to Employee’s Pay, adds a surcharge to the City’s annual business tax for companies in which compensation of the highest-paid managerial employee is at least 100 times more than the median compensation of employees based in San Francisco.
There’s a lot more to know about these two San Francisco tax measures—dive into the minutia in our blog below!
DISTRICT 7 SUPERVISOR CANDIDATES DEBATE FREE MUNI, TECH EXODUS, & MORE
Last week, sf.citi hosted our second debate of 2020 with five of San Francisco’s leading District 7 Supervisor candidates. See how they stack up against one another on key issues like San Francisco’s budget deficit, the tech exodus, and transportation in our debate recap.
On September 9, District 7 Supervisor candidates Ben Matranga, Emily Murase, Joel Engardio, Myrna Melgar, and Vilaska Nguyen discussed their policy priorities and answered your questions at our District 7 Supervisor Debate. We asked them how they plan to retain tech workers in San Francisco, whether they would make Muni free for all riders, how they would address the City’s housing crisis, and so much more.
As with our District 1 debate, sf.citi Executive Director Jennifer Stojkovic began the conversation by asking the District 7 Supervisor candidates what policy they would champion during their first week in office. We heard five wildly different answers. The candidates proposed eliminating small business fees, providing grants to childcare providers, and expanding transportation options for District 7 seniors. From there, we dove deeper into their differences on police funding, rent cancellation, and navigation centers as a solution to homelessness. Find more highlights and full coverage of our District 7 debate in our recap below.
BUILDING TECH-FRIENDLY CITIES AT THE WORLD KNOWLEDGE FORUM
This week, sf.citi Executive Director Jennifer Stojkovic joins business, policy, and innovation leaders at South Korea’s 21st World Knowledge Forum. On September 18, she will lead a session called “How to Construct a Tech-Friendly City.”
Launched in October 2000, the World Knowledge Forum is one of the most renowned knowledge festivals in the world. Every year, a vast array of international leaders come together to share their expertise and promote balanced global economic growth and prosperity. Past speakers at the World Knowledge Forum include Microsoft Co-Founder Bill Gates, Oracle CEO Larry Ellison, 37th Prime Minister of New Zealand Helen Clark, and many others.
We are excited to see sf.citi’s very own Jennifer Stojkovic represented at this year’s World Knowledge Forum, where she will offer an overview of San Francisco’s tech and political landscape. During her talk “How to Construct a Tech-Friendly City” on September 18, Stojkovic will explore how San Francisco grew to become the world’s leading city of tech innovation. Addressing more recent developments in San Francisco, she will discuss techlash, what steps (and missteps) San Francisco has taken to grow the tech economy, and the City’s mounting tech exodus in the wake of the COVID-19 pandemic.
DID YOU KNOW?
Following the Bay Area’s ominous orange skies, several tech companies and sf.citi members have announced major sustainability milestones and climate change commitments this week. Learn about the latest sustainability initiatives from sf.citi members Google, Intuit, and Uber.