Corporate tax on stock compensation gains board backing as it heads toward November ballot
SAN FRANCISCO -- A day before Uber’s expected stock market debut, Supervisor Gordon Mar announced he had the votes to place a corporate tax increase on stock-based compensation on the November ballot.
At a rally outside of City Hall Thursday, the District 4 supervisor said he had at least seven votes backing the measure on the 11-member Board of Supervisors, ending speculation on whether he could secure six needed to place the measure on the ballot.
His announcement squarely targeted Uber, which is set to make its initial public offering Friday.
“Tomorrow Uber will open for its first day of trading on the stock exchange in the largest IPO since Facebook,” Mar said. “Today we are taking action.”
Mar previously announced April 24 he would introduce the measure, which will raise the employer payroll tax on stock-based compensation from the current .38 percent to 1.5 percent, which was the rate prior to 2012. He officially introduced it for the Nov. 5 ballot on Tuesday.
Read more: https://www.sfexaminer.com/the-city/corporate-tax-on-stock-compensation-gains-board-backing-as-it-heads-toward-november-ballot/