Here you go, the News of the Day:
3 SF supervisors move to put tech tax on November ballot By Emily Green
And here’s the reaction:
I am appalled at the political vindictiveness of this proposed measure,” said Alex Tourk, a spokesman for San Francisco Citizens Initiative for Technology and Innovation, a coalition of tech companies.
Supervisor Mark Farrell called it “the worst idea I’ve heard in months.”
Deirdre Hussey, spokeswoman for Mayor Ed Lee, called it a “job-killing measure.” She added that the measure “upends the grand bargain” made between business and labor that ultimately led voters to eliminate the payroll tax in 2012.
And let’s note that:
[District One Supervisor Eric] Mar’s proposal would deem stock option compensation when a company goes public as taxable payroll.
All right, all I’ve done so far is simply read the news to you. But now let’s travel back to a time when former Mayor Gavin Newsom, another Right-Of-Center Willie Brown Appointee Who Somehow Ended Up Mayor, signed into law the very same 1.5% stock options tax. So put on your white shoes and dance the blues – it’s Pillsbury, bitches:
On February 19, 2004, San Francisco Mayor Gavin Newsom approved recent changes to San Francisco’s Business Tax ordinance adopted by the Board of Supervisors on February 19, 2004. These changes become effective March 20, 2004, 30 days after signing by the Mayor.
…the amendments also contain significant changes such as … including stock options in the definition of payroll expense.“
So, was Gavin Newsom’s stock options tax a “job-killing measure” back in 2004 the way the same tax is being portrayed here in 2016?
That’s my question – I don’t know how ppl would answer.
But I’m thinking that if this 2016 proposal gets enacted and you’re a “tech* company,” whatever that is, going IPO in Frisco will cost you millions, just as Gavin Newsom wanted back in aught-four.
So that means that Gav was a job killer, right?
*What’s a tech company? IDK. What’s a pit bull?