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March 16, 2011 09:23 am GMT
San Francisco, unlike most other cities in Silicon Valley, has a 1.5% payroll tax. And even more stunning is that they consider gains on stock options part of payroll, meaning that any San Francisco based company going public or being acquired could get hit with a massive tax bill in the tens of millions of dollars.They've got Twitter jumping through hoops to avoid the tax. The company will be forced to move to a new location in order to get a six year payroll tax break. But only if the Board of Supervisors votes to approve the legislation on Wednesday. The upside is that Twitter employees will have immediate physical access to prostitutes, drugs and weapons - the qualifying area isn't exactly an up and coming neighborhood.The city isn't thanking Twitter for bringing all these high paying jobs to San Francisco, either. Rather, some supervisors don't want the tax break at all, and seem quite willing to see Twitter bail to tax-free Brisbane. Says Supervisor John Avalos: "Who are the [Twitter] investors? Probably some of the wealthiest people in this country. And we are giving them more wealth."The stupidity of that statement is self evident.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/Jua4QJW23rQ/
San Francisco Doing Everything It Can To Drive Zynga And Twitter Away
San Francisco, unlike most other cities in Silicon Valley, has a 1.5% payroll tax. And even more stunning is that they consider gains on stock options part of payroll, meaning that any San Francisco based company going public or being acquired could get hit with a massive tax bill in the tens of millions of dollars.They've got Twitter jumping through hoops to avoid the tax. The company will be forced to move to a new location in order to get a six year payroll tax break. But only if the Board of Supervisors votes to approve the legislation on Wednesday. The upside is that Twitter employees will have immediate physical access to prostitutes, drugs and weapons - the qualifying area isn't exactly an up and coming neighborhood.The city isn't thanking Twitter for bringing all these high paying jobs to San Francisco, either. Rather, some supervisors don't want the tax break at all, and seem quite willing to see Twitter bail to tax-free Brisbane. Says Supervisor John Avalos: "Who are the [Twitter] investors? Probably some of the wealthiest people in this country. And we are giving them more wealth."The stupidity of that statement is self evident.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/Jua4QJW23rQ/
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