Posted on 10/12/2004 12:24:07 AM PDT by Simmy2.5
Acknowledging that his budget-balancing proposal on the Nov. 2 ballot to raise business taxes is getting "clobbered'' in pre-election polling, San Francisco Mayor Gavin Newsom is pursuing a legislative "Hail Mary."
He wants the Board of Supervisors to adopt an ordinance that would exempt more businesses from the proposed tax with the hopes of blunting opposition to the ballot measure, Proposition K.
The ballot proposal calls for imposing a new, 0.1 percent gross receipts tax on businesses that generate at least $500,000 in revenue a year prior to expenses. The proposed tax would be in addition to the city's payroll tax and would sunset in four years.
(Excerpt) Read more at sfgate.com ...
So rather than targeting businesses with $500,000 or more in annual gross receipts, he's looking at bumping the amount to $1 million, or $1.5 million or even $2 million. The details are still being worked out, he said.
Only in San Francisco could that help get support for an increase in tax! :-/
Opps. Need to read more carefully. This is actually good thing (for 'less profitable businesses'). What that quote was supposed meant was that businesses earning MORE then $2 million get their taxes increased (if it is raised from $500,000. Meaning if you earned about $500,000, you won't have your taxes increased if this new proposal goes through]).
Still, San Francisco businesses NOT wanting to have thier taxes increased? Who knew?
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