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San Francisco voters this November will be asked to approve a corporate tax increase on stock-based compensation from 0.38% to 1.5%. 

Why it matters: The rate hike would be retroactive to May 7, thereby applying to Uber's IPO.

Proponents believe proceeds could help fund affordable housing initiatives, which could be further strained by a rash of newly minted millionaires. 

Opponents argue it will discourage startups from locating in the city.

San Francisco proposes "IPO tax" on eve of Uber offering

Voters will be asked to raise corporate taxes.

Photo: Tayfun Coskun/Anadolu Agency/Getty Images

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San Francisco

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San Francisco voters this November will be asked to approve a corporate tax increase on stock-based compensation from 0.38% to 1.5%. Why it matters: The rate hike would be retroactive to May 7, thereby applying to Uber&#x27;s IPO.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

San Francisco proposes "IPO tax" on eve of Uber offering

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