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San Francisco Has a Plan to Hit Its New IPO Millionaires Where It Counts

The city is facing a strange and pressing question about how to deal with the avalanche of wealth that’s likely to be unlocked during this season of IPOs. In the face of a widening wealth gap, an intensifying housing crisis, and a highly visible homeless crisis, one city official is proposing new taxes on the companies going public.

San Francisco Supervisor Gordon Mar revealed a proposal at a board of supervisors hearing on Wednesday that would put a 1.12% payroll-tax covering stock compensation on the ballot in November 2019. The proposal would combine with the existing 0.38% payroll tax and ultimately mean a restoration of San Francisco’s old 1.5% payroll tax rate — which was the rate until 2011 when the city changed it in a bid to attract more tech firms.


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