51–60 of 441 posts
The gross receipts tax was ridiculously misguided and is going to cause irreparable harm to the city's economy if not fixed. Square and other FinTech companies are most definitely next.
Make San Francisco Great Again lol
The gross receipts tax was ridiculously misguided and is going to cause irreparable harm to the city's economy if not fixed. Square and other FinTech companies are most definitely next.
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
JFC, it's not because of a lack of money that SF has a problem with homeless people, and it's not that more money would make the problem magically go away.
> 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.
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.
It seems like raising prices from 2.9% to 2.93% would cover the tax. (I assume they don't want to go to 3% because that looks like a huge jump.) The real question in my mind is why does Stripe bother to exist if they're barely breaking even.
I can tell you recruiting for South San Francisco was way harder than recruiting for SF. If I lived in SF without a car, that'd be a deal breaker for me. They're going to start losing people, or see a huge spike in chronic working from home. I guess they have to move somewhere at some point, and no move is without trade-offs. Regarding the gross receipts tax, couldn't they just move their HQ-on-paper to any place tha…
If a company has multiple locations in the bay area, I already know the San Francisco location is not headquarters and I'm not interested.
This is mainly for leadership roles, companies always find it more practical for any lead to be at HQ compared to their trendy satellite/remote experiment.
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.
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
The gross receipts tax was ridiculously misguided and is going to cause irreparable harm to the city's economy if not fixed. Square and other FinTech companies are most definitely next.
No, it's a very good move as many digital economy businesses are great at creative accounting making their net receipts look ridiculously small or negative.