Posted on 11/02/2020 1:03:07 PM PST by Red Badger
According to the CalMatters report, “not one penny has been spent so far on campaigns” opposing the proposed CEO tax in San Francisc
Screenwriters and actors are exempt, I suppose (and they have all sorts of staff).
New song; “I left my tax in San Francisco!”
The foil of unintended consequences, yes?
Won’t businesses simply move out of San Francisco to avoid this? Many probably are looking to relocate anyway. Just another incentive to say bye bye.
>>bu-bye businesses impacted by this. 100% guaranteed.<<
CEOs of businesses are allowed to be dictators.
City: “We are going to tax you ad your company for you being overcompensated by our standards”
CEO: “Bye”
If a plumbing type company, it just moves to Dublin or some place near — the workers can thank SF for their new, longer commute.
The Income Tax, in its entirety at all levels of government needs to be removed. There’s a reason the Founding Fathers of this country declared it unconstitutional.
it still amazes me that `1/2 my family in Philly will vote for Biden. It has to be due to 2 things, abortion and gay sheet. I’ve been gone for 17 years now and thankful for it.
“A small plumbing firm does that much business.”
Yep, A million in gross receipts is nothing any more for a small business.
Will this impact touring rock stars who make 1000 times more than the stage hands?
but gross receipts and net profit are way different.
I really dont thing the MEGA tech companies CEO's are gonna pay it any mind at all, after all they can afford the best accountants and probably have their HQ in Delaware or Bermuda where its a ZERO income tax.
Imagine the paperwork and how many more locusts... er I mean city employees it will require to administrate this.
Please SF, also impose an additional 10% tax on all households that can afford to send their children to college. Drive more people away. Just tax it all.
Before they are done, there won’t be a job in California.
So they move and solve their own problem. Or not.
Good luck figuring out how much of facebook’s revenue is actually ‘generated in SF’. My prediction, if this becomes law, is they won’t raise a dime of new revenue.
On the other hand, I would love to see SF tax Mark Zuckerburg 100% of the gross revenue of facebook.
1.17 million in gross receipts is the cutoff?? The average gas station grosses that in a year.
Do they even realize that a small business with ‘gross’ receipts of a mil, likely has $960K in ‘net’ expenses after payroll, rent, overhead and state, federal, local taxes? If an angel investor invests over a million in a company, will the angel investor be taxed, too? Will the realty companies be dumping properties as fast as they can? Does the city have a plan to replace all those charity dollars funding shelters, social organizations, the arts, museums and historic landmarks, that will evaporate?
SF’ans who think the govt should ‘put a lid’ on the earnings of small businesses’ ability to prosper, need to return to China, Iran and Russia where they will be more comfortable. And stay the hell out of NorCal. And maybe learn the difference between ‘gross’ and ‘net’. And maybe, just maybe, politicians, most of whom come from generationally wealthy families, should stop coveting what others have managed to create and prosper from, while exempting themselves from scrutiny.
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