Proposed San Francisco Tax Reforms Need More Work
The Bay Area Council has long advocated for reforming a San Francisco tax system that imposes some of the highest levies on business of any city across the region if not the country. A study last year by the Bay Area Council Economic Institute ranked San Francisco’s taxes by far and away the highest among major cities in the region. And while we were encouraged when top city finance and budget leaders this week (Feb. 5) unveiled a package of proposed changes to the city’s complex and onerous tax system, we believe the proposals don’t go nearly far enough, continue to burden the businesses that power the city’s jobs and economic engine, and leave the door open for future tax increases.
The Council joined with the Chamber of Commerce, Advance SF, the Golden Gate Restaurant Association and the SF Building Owners and Managers Association in issuing a statement that read, in part, “Now is the worst possible time to raise taxes on any San Francisco businesses. We need reforms that lower taxes on small businesses and all major employers from every sector to help revive our economy, revitalize downtown, and grow neighborhood small businesses for the long term.”
With reforms possibly going to voters on the November ballot, the Council will be working with our partners and the city to ensure any changes prioritize making San Francisco economically competitive, encouraging investment and creating jobs.