The proposed tax, if passed in 2020, is projected to generate at least $50 million in revenue to San Francisco.
: San Francisco officials will withdraw a proposed “IPO tax” meant to target the spate of startups—including Uber and Lyft—that have gone public or are slated to make their initial public offerings this year. Officials are trying to get a similar measure on the 2020 ballot as part of a long-term effort to tax business more as the city contends with increasing income inequality and unaffordability.
The city projected the tax would generate at least $50 million in revenue per year, even when companies don’t go public.Forbes “With a more stable revenue projection in the long term, the immediacy of capturing short-term wealth creation became less urgent,” Wright said. “But we do know we are leaving some money on the table by doing this.”
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