Political foes join forces to fix SF’s job-killing business tax

By Kevin Truong and Josh Koehn : sfstandard – excerpt
Mayor London Breed and Board Supervisor Aaron Peskin are opponents in the upcoming mayoral race, but teamed up to support a pro-business tax reform measure…

It’s a rare cause that can align San Francisco’s biggest private sector employers with its nonprofits and labor unions, or bring together political rivals like Mayor London Breed and Supervisor Aaron Peskin, who is challenging her reelection bid.

The urgent need to reform San Francisco’s perverse business tax formula is just such a cause—and, after two years of effort, a proposal to fix it could be going to voters for approval in November.

Modifying the gross receipts tax to focus on a company’s sales instead of its on-site headcount, the proposal would slash taxes for many small businesses while making it more attractive for large ones to keep their workers in town.

City officials acknowledged to The Standard that the plan, which underwent an extensive review by former City Controller Ben Rosenfield and the Treasurer and Tax Collector’s Office, will likely bring in less revenue for the city in the first few years but make San Francisco’s budget less dependent on a handful of companies over the long term. (Hardened policy wonks can delve into the specific language of the plan here.)… (more)