Transfer Tax

Ben Shore's picture

The Board of Supes voted last night to put an increased transfer tax measure on the ballot for November. It seems like a timely and fully appropriate idea. The measure would raise the transfer tax on properties over $5 million, of which there are many in the city. Opponents fear it would dissuade large companies from coming to SF because of increased transfer taxes they would have to pay but I highly doubt that. San Francisco is one of the most desirable cities in the world in which to do business. This is simply a smart idea to bring in more revenue without having a drastic impact on working people.

TheRealGCS's picture

Should the tax burden go to residents or companies?

This brings up an important point: what is the tax responsibility for all of the non-residents who use and enjoy our city? Is a sales and food tax enough, or should we shift a bigger burden from the residents to the businesses whose commuters use SF and create a need for more services (police, road damage, traffic, etc.). This is a numbers question: does anyone know of any data that could show whether corporations are paying their commuters' fair share?

buchsons's picture

Need to manage expenses before raising taxes

The city's finances have been grossly mismanaged for a long time and it's time for that to change.  For example, it is mandated that muni drivers are the second highest paid operators in the nation, and there is no basis for it.  Labor unions and oversized pensions also add to the taxpayer burden.  We need to clean up the expense side of the income statement before looking at revenue.  If it means cutting services, so be it.  Let's get costs under control before we seek another dime from the taxpayers.

Across-the-board cuts to everything but police, fire and education would be a starting point.  Next, compensate taxpayers for excessive risk taken by city pension funds, or accept the pension losses and move to minimal-risk investments (note that any investment seeking a return above a risk-free rate requires that taxpayers assume the risk so long as the pension fund guarantees a specific payout level).

Paid for by Phil Ting for Assembly 2012. FPPC ID# 1343137