This is not a tax cut. San Francisco is the only major city in the US that taxes the company for an employee's personal gain on stock options.
This is eliminating a tax that was very, very poorly thought out as it effectively precludes any company from going public in the city of San Francisco. A company doing an $100M IPO might effectively be required to pay all $100M raised to the city of San Francisco as tax on the stock options gains of employees.
Discuss the merits of tax cuts elsewhere -- this is an obvious situation where this tax never should have been in the first place, and will be doing a considerable amount of harm to San Francisco if it is not repealed.
This is eliminating a tax that was very, very poorly thought out as it effectively precludes any company from going public in the city of San Francisco. A company doing an $100M IPO might effectively be required to pay all $100M raised to the city of San Francisco as tax on the stock options gains of employees.
Discuss the merits of tax cuts elsewhere -- this is an obvious situation where this tax never should have been in the first place, and will be doing a considerable amount of harm to San Francisco if it is not repealed.