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San Francisco Gives Twitter Tax Break to Keep it from Leaving

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  • San Francisco Gives Twitter Tax Break to Keep it from Leaving

    Twitter's headquarters will officially remain in San Francisco after it secured a deal with the city over a tax break.

    "Twitter is staying in San Francisco and has signed a lease to move our headquarters to Market Square, a historic building in San Francisco’s Central Market neighborhood that is being managed by our new partner and landlord, Shorenstein Properties," Twitter's head of communication Sean Garrett announced on the company's blog.

    For the last few months, the City of San Francisco and Twitter have been at odds over the city's 1.5% payroll tax. San Francisco is the only city that has a business tax based on how much the company pays workers (including stock options), rather than simply taxing the company's income. The result is that Twitter would have to pay millions more to the city -- a charge it could avoid by moving a few miles south or east.

    Earlier this month though, the city voted to create a tax break zone in the central market district of San Francisco, an underdeveloped part of the city's main drag with high vacancy rates. The city is hoping that Twitter (and other tech companies such as Zynga) can spark development and attract new tenants to the area.

    With the prospect of losing one of its most prominent companies, San Francisco did everything it could to keep the growing social media company within its city limits. The deal also brings fresh money and blood to an area of the city that desperately needs it.

    Twitter doesn't have a timeline for its relocation from its SOMA offices, but the company does expect to be fully relocated by mid-2012.

    http://news.yahoo.com/s/mashable/201..._san_francisco

    But ... but ... Twitter is a wealthy corporation, so shouldn't it pay even more to support San Francisco's needy masses?

    Why doesn't the City expropriate Twitter to keep it from leaving?
    Facts do not cease to exist because they are ignored. -- Aldous Huxley
    Two things are infinite: the universe and human stupidity. -- Albert Einstein

  • #2
    BP writing off 13 billion in losses to demolish a massive portion of our ecosystem concerns me far more.

    San Francisco realizes the potential future earnings from Twitter. It has chosen to forgo some revenue now, in hopes of much larger potential future rewards.

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    • #3
      From what I've been told a lot of high tech jobs have left Cali, some have gone overseas and to other states...Guess they need EVIL corporations out there after all...My only question is who's going to pay, or pick up the slack if you will, for Twitter's tax cut?...

      I bet you they'll move to Deleware or a red state...

      First they're disrupting an Obama dinner and now they're giving big business a tax cut...Must have been on hell of 4/20, someone probably laced their stuff...
      sigpic

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      • #4
        I find it amusing that, at the same time the liberals in California are saying that corporations (and wealthy people) should pay higher taxes, the liberals are also giving them tax breaks, thus acknowledging that higher taxes drive away businesses that support the local economy.
        Facts do not cease to exist because they are ignored. -- Aldous Huxley
        Two things are infinite: the universe and human stupidity. -- Albert Einstein

        Comment


        • #5
          Originally posted by DAL View Post
          I find it amusing that, at the same time the liberals in California are saying that corporations (and wealthy people) should pay higher taxes, the liberals are also giving them tax breaks, thus acknowledging that higher taxes drive away businesses that support the local economy.

          I find it amusing that liberals attack the "trickle down' economic concept, but when faced with losing a corporation, they pretty much implement that policy.

          None the less, Twitter should move out of SF and indeed even out of CA.
          "Blaming the prince of the fools should not blind anyone to the vast confederacy of fools that made him their prince" - Unknown Author
          ______________________________________________

          "That government is best which governs the least, because its people discipline themselves." - Thomas Jefferson
          ______________________________________________

          “There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.” - John Adams

          Comment


          • #6
            Originally posted by FNA209 View Post
            I find it amusing that liberals attack the "trickle down' economic concept, but when faced with losing a corporation, they pretty much implement that policy.

            None the less, Twitter should move out of SF and indeed even out of CA.
            Twitter fits in CA nicely though. Especially SF. Twitter is a service for people who are full of themselves, set up in a city of people who are equally full of themselves.
            This show is awesome, wrapped in supercool and smothered in bitchin. The only way it could be cooler is if he was riding a unicorn or something.

            M-11

            Comment


            • #7
              Originally posted by -Erik- View Post
              Twitter fits in CA nicely though. Especially SF. Twitter is a service for people who are full of themselves, set up in a city of people who are equally full of themselves.
              That's pretty much every single major city in the US...The people from the Bay that I have met are cool (or as they would say "hella" cool...)...Twitter is going to move by 2012, it says so in the article...Unless SF gives them a BIG tax cut...

              Twitter is not really for people full of themselves, it great if you know a lot of people and want to stay in touch, like Facebook...
              sigpic

              Comment


              • #8
                Originally posted by Southflaguy View Post
                That's pretty much every single major city in the US...The people from the Bay that I have met are cool (or as they would say "hella" cool...)...Twitter is going to move by 2012, it says so in the article...Unless SF gives them a BIG tax cut...

                Twitter is not really for people full of themselves, it great if you know a lot of people and want to stay in touch, like Facebook...
                That's kind of my point.

                I saw what Twitter was and my first comment was "This is just Facebook's wall." Anything you post on Twitter can also be posted on your wall on Facebook. So what is the point of Twitter? It is the solution to the problem that was never there.
                This show is awesome, wrapped in supercool and smothered in bitchin. The only way it could be cooler is if he was riding a unicorn or something.

                M-11

                Comment


                • #9
                  Originally posted by -Erik- View Post
                  Twitter fits in CA nicely though. Especially SF. Twitter is a service for people who are full of themselves, set up in a city of people who are equally full of themselves.
                  Yes, but being a good San Francisco citizen, it should be delighted to pay extra taxes to atone for being successful.

                  After all, Twitter has the money, and San Francisco needs the money, so it really belongs to San Francisco. And it is so illiberal to be influenced by tax burdens.
                  Last edited by DAL; 04-23-2011, 12:07 AM.
                  Facts do not cease to exist because they are ignored. -- Aldous Huxley
                  Two things are infinite: the universe and human stupidity. -- Albert Einstein

                  Comment


                  • #10
                    Originally posted by Southflaguy View Post
                    Twitter is going to move by 2012, it says so in the article...Unless SF gives them a BIG tax cut...
                    I read the article as saying that Twitter will move to a larger space in a different part of San Francisco.
                    Facts do not cease to exist because they are ignored. -- Aldous Huxley
                    Two things are infinite: the universe and human stupidity. -- Albert Einstein

                    Comment


                    • #11
                      California Dreamin'—of Jobs in Texas

                      http://online.wsj.com/article/SB1000...374356340.html

                      Texas has added 165,000 jobs during the last three years while California has lost 1.2 million. California's jobless rate is 12% compared to 8% in Texas.


                      ................................



                      Hours after the legislators met with Mr. Perry, another business, Fujitsu Frontech, announced that it is abandoning California. "It's the 70th business to leave this year," says California business relocation expert Joe Vranich. "That's an average of 4.7 per week, up from 3.9 a week last year."

                      I seriously wonder how long Twitter will stay.
                      "Blaming the prince of the fools should not blind anyone to the vast confederacy of fools that made him their prince" - Unknown Author
                      ______________________________________________

                      "That government is best which governs the least, because its people discipline themselves." - Thomas Jefferson
                      ______________________________________________

                      “There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.” - John Adams

                      Comment


                      • #12
                        Originally posted by FNA209 View Post
                        Hours after the legislators met with Mr. Perry, another business, Fujitsu Frontech, announced that it is abandoning California. "It's the 70th business to leave this year," says California business relocation expert Joe Vranich. "That's an average of 4.7 per week, up from 3.9 a week last year."

                        I seriously wonder how long Twitter will stay.
                        California's tax code provides for a lot of R&D tax credits, which favors companies like Google, Twitter and Apple. In addition, the Bay Area is attractive to the types of people those companies employ. If they moved to Texas, many of their employees likely would quit.

                        Hi-tech companies do R&D in California and manufacturing elsewhere.

                        Fujitsu Frontech is moving its manufacturing to upstate New York.
                        Last edited by DAL; 04-26-2011, 11:45 AM.
                        Facts do not cease to exist because they are ignored. -- Aldous Huxley
                        Two things are infinite: the universe and human stupidity. -- Albert Einstein

                        Comment

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