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Solving San Francisco’s Homelessness Problem: Tech Companies To Shoulder The Burden By Paying Payroll Taxes

July 9, 2016

By Samantha Finch : parentherald – excerpt

San Francisco, California has long grappled with its homelessness problem. Just recently, it was reported that city officials in San Francisco are planning to slap taxes on tech companies to help curb its homelessness problem.

The proposal, called the Homeless and Housing Impact Technology Tax, would require tech giants to pay a 1.5 percent payroll tax. It aims to use the taxes on building programs for the city’s homeless people and to help solve San Francisco’s affordable housing market problems, The New York Times reported.

Eric Mar, one of San Francisco’s Board of Supervisors, said tech companies in the city aren’t “paying their fair share,” the news outlet added. If implemented, the tax hike would raise about $140 million annually that would balance the city’s $9.6 billion budget.

“The surge in housing demand brought on by the rapid growth of tech sector and its highly paid workforce makes it increasingly difficult for working people to remain in their homes in San Francisco, live near where they work, and contribute to our city,” Mar said in an email quoted by CNET.

Mar believes that the proposal will better encourage small businesses’ operation. The tax plan would also implement cheaper registration fees for small businesses that have gross receipts of $1 million or lower…

The proposal is facing a tough fight to gain approval. For the proposal to be implemented, six out of 11 Board of Supervisors members and two-thirds of voters should support the measure…(more)

This is a slightly misleading title, as there is no guarantee that the ballot proposal will get on the ballot or win the number of votes needed to pass. The title should read, ”

Tech Companies May Shoulder The Burden By Paying Payroll Taxes

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