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Wed Apr 24, 2019, 08:29 PM

San Francisco Supervisor Proposes 'IPO Tax' on Tech Companies

A San Francisco supervisor is introducing what he's dubbing an "IPO tax" that essentially would force tech companies worth billions of dollars to share some of the wealth.

As the Bay Area warms up for even more multibillion-dollar tech IPOs, Supervisor Gordon Mar on Wednesday proposed some of that stock money be given to the less fortunate.

With companies like Uber, Airbnb and others likely to make public offerings soon, lawmakers want to act fast because thereís also a down side to all that sudden wealth.

"We know this crisis, we feel this crisis," one man told the San Francisco Board of Supervisors during public comment Wednesday. "I walk to get on BART, and itís packed."


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