![]() “How to make the tax base stable and strong, as opposed to where it falls apart if one or two companies move out. ![]() “That is the hard part of the conversation,” admits mayoral spokesman Jeff Cretan. And, making matters more difficult, the data is clear that San Francisco’s biggest and richest companies pay the lion’s share of its taxes, meaning that any steps to diversify revenue and render its sourcing less volatile will also shift the burden from the wealthiest companies to all the rest. ![]() Whether to coddle or cudgel our businesses has, in heavy part, defined San Francisco’s political landscape in recent decades. Today’s report is not an ostensibly political document, but the issues it touches on are intensely political. “I don’t want to get too Arthur Laffer about it, but if we get an ever-larger percentage of zero, it’s not a great tax.” ‘This is the hard part of the conversation’ As of 2022, the five largest companies in this city - representing 0.04 percent of the city’s businesses - accounted for a quarter of all business-tax revenue. While that may be fair, it has led to a situation in which a jarringly small number of gargantuan companies pay much, or even most, of San Francisco’s business taxes. That’s no longer the case, but the city still charges strikingly higher tax bills for companies that would open here - or remain here - rather than setting up shop only a few miles down the road.Īlso, while San Francisco voters have enacted more and more taxes on city businesses in the past decade, they’ve also created a more progressive tax system that is, the burden falls more heavily on large outfits than middling or small ones. San Francisco is still taxing its businesses based on measures passed when demand from high-end businesses to locate here was insatiable, and office real estate was impossibly lucrative. Mostly, today’s report reveals that these are ominous and untenable times, and the city is facing an uncertain future.
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