Tech companies around San Francisco talk a good game on inequality, but they could do more. GinaChon
A San Francisco official proposed taxing companies 1.5% of their stock-based compensation on May 9. Gordon Mar, a member of the San Francisco Board of Supervisors, wants to raise the rate from just under 0.4% currently. His plan needs approval from six of the 11 board members in order to appear on a November ballot, and would then need support from two-thirds of voters.
Mar wants to take advantage of the wave of initial public offerings slated for 2019 and 2020. The new rate would apply to IPOs that occur after the proposal was introduced, which would include ride-hailing app Uber Technologies. Mar estimates it would generate between $100 million and $200 million in tax revenue over its first two years.
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