Illustration: Rebecca Zisser/Axios

San Francisco's IPO tax is dead! Long live San Francisco's IPO tax!

The backdrop: Voters were to be asked this November to approve a corporate tax increase on stock-based compensation from 0.38% to 1.5%. It would have been retroactive to May 7, just days before Uber went public.

Driving the news: On Wednesday, the measure was delayed for a year, primarily because it might as well have been written in crayon. For example, it wasn't clear if the "IPO tax" was exclusive to companies going public, or to all stock-based compensation.

But the really devilish detail might have been use of proceeds.

  • The original bill earmarked proceeds for affordable housing initiatives, with proponents arguing that newly minted tech millionaires exacerbate an already-acute problem.
  • This meant, per San Francisco rules, that it would have needed two-thirds of voter support to become law.
  • The revised/delayed bill will also allow proceeds to be used for general city purposes, thus lowering the passing threshold to a simple majority.

Expect to see final language within the next few weeks, and then on the 2020 ballot.

Go deeper

5 hours ago - Health

Fauci says if people won't wear masks, maybe it should be mandated

Anthony Fauci. Photo: Graeme Jennings- Pool/Getty Images

NIAID director Anthony Fauci told CNN on Friday evening that if "people are not wearing masks, then maybe we should be mandating it."

Why it matters: Fauci made the comments the same day the U.S. hit its highest daily COVID-19 case count since the pandemic began.

Harris to Black voters: Casting a ballot is about honoring your ancestors

Democratic vice presidential nominee Kamala Harris speaks at a "Get Out The Vote" rally at Morehouse College. Photo: Elijah Nouvelage/AFP via Getty Images

Sen. Kamala Harris appealed to Black voters in Georgia on Friday, urging them to "honor the ancestors" by casting ballots, and again calling President Trump a "racist."

Why it matters: The U.S. saw a significant decline in African-American voter turnout between 2012 and 2016, reaching its lowest point since 2000. Higher turnout among Black Americans this year could tip the balance in favor of Democrats in key battleground states, including Georgia.

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci: Trump hasn't been to a COVID task force meeting in months.
  2. Sports: The youth sports exodus continues — Big Ten football is back.
  3. Health: U.S. hits highest daily COVID-19 case count since pandemic began —AstraZeneca to resume vaccine trial in U.S.How to help save 130,000 lives.
  4. Retail: Santa won't greet kids at Macy's this year.
  5. World: Spain and France exceed 1 million cases.