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

Photo: Tayfun Coskun/Anadolu Agency/Getty Images

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.