San Francisco proposes tax cut for Twitter
Tech company Twitter was threatening to move out of San Francisco because of the high taxes the city levies. San Francisco mayor Edwin Lee has offered Twitter a deal: Stay in San Francisco, and we’ll give you a tax break. San Francisco is one of America’s most vibrant cities. But in the heart of San Francisco, the Central Market and Tenderloin areas are blighted. Twitter will have to move in with some interesting neighbors, such as the Burning Man. But in return, they will save about US$22 million a year in taxes. However, opponents fear that the tax break for Twitter might set a bad precedent for other businesses. But with businesses such as GE paying hardly any tax and Internet giant Google only paying 6%, maybe not paying taxes is a sign that you’ve made it as a company in the US.