11–20 of 441 posts
> The company will move more than 1,000 employees just 10 miles south of its current South of Market headquarters, which it plans to vacate. Click bait. They're moving ten miles south of their current office ...
Articles misses that this is in response to SF's gross receipts tax. Payment processing is an ultra low margin business, no way they can compete while paying ~1% of revenues to the city.
People don't talk about this very much. But it seems extremely unfair that Stripe/Square pay way more tax than Saleforce in terms of ratio to their revenues. (I don't recall the numbers. Anyone?)
Jack Dorsey tried to raise this point multiple times. But people just kept screaming that he didn't care about homeless :S
> The company will move more than 1,000 employees just 10 miles south of its current South of Market headquarters, which it plans to vacate. Click bait. They're moving ten miles south of their current office ...
Articles misses that this is in response to SF's gross receipts tax. Payment processing is an ultra low margin business, no way they can compete while paying ~1% of revenues to the city.
Also, the tax oddly targets Stripe and Square. People don't talk about this very much. But it seems extremely unfair that Stripe/Square pay way more tax than Saleforce in terms of ratio to their revenues. (I don't recall the numbers. Anyone?) Jack Dorsey tried to raise this point multiple times. But people just kept screaming that he didn't care about homeless :S
Articles misses that this is in response to SF's gross receipts tax. Payment processing is an ultra low margin business, no way they can compete while paying ~1% of revenues to the city.
> The company will move more than 1,000 employees just 10 miles south of its current South of Market headquarters, which it plans to vacate. Click bait. They're moving ten miles south of their current office ...
I mean, it eliminates the entire East Bay from its pool of possible employees, so that sucks for anyone who lives out there. That’s a pretty big deal for their quality of life.
Of course, the big difference is that Stripe's current office is at the edge of SOMA and Mission Bay, within pretty short distance of the Embarcadero and Financial District. Their new office will be...a business park. No offense to business parks -- Bishop Ranch in San Ramon is unexpectedly lovely -- but they're rarely known for their vibrant cafés, restaurants and nightlife.
Articles misses that this is in response to SF's gross receipts tax. Payment processing is an ultra low margin business, no way they can compete while paying ~1% of revenues to the city.
Articles misses that this is in response to SF's gross receipts tax. Payment processing is an ultra low margin business, no way they can compete while paying ~1% of revenues to the city.
“Alex Tourk, spokesman for sf.citi, a tech business group, said San Francisco needs to consider changes to its business taxes. The city is currently reviewing the tax system, which brings in a total of $1 billion annually. But those taxes could climb higher under the revised system.
“Unfortunately, Stripe choosing to leave town is not an anomaly,” he said. “The membership of sf.citi would prefer a more holistic strategy per the mayor’s suggestion that we work together as a collective business community to fix the gross receipts tax once and for all and establish a fair and equitable tax system that we can all rely on.”
Chris Thornberg, founder of Beacon Economics, said businesses leaving San Francisco has more to do with real estate costs and high wages than taxes.
“Taxes don’t have a lot of impact on business decisions. It’s something that has been exaggerated for years,” Thornberg said. Stripe is staying in the Bay Area, so its departure isn’t a blow to the region, he said.”