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According to the webpage for the gross receipts tax [1], "Gross receipts include but is not limited to all amounts that constitute gross income for federal inco
by dnissley 4y ago
According to the webpage for the gross receipts tax [1], "Gross receipts include but is not limited to all amounts that constitute gross income for federal income tax purposes."
Looks like PayPal's gross income was around 3x their net income for 2021: 12.1 billion [2]
1: https://sftreasurer.org/business/taxes-fees/gross-receipts-tax-gr https://sftreasurer.org/business/taxes-fees/gross-receipts-t...
2: https://www.wsj.com/market-data/quotes/PYPL/financials/annual/income-statement https://www.wsj.com/market-data/quotes/PYPL/financials/annua...
- gamblor956 4y agoPayPals taxable income was $25 billion, so I went with the higher number (25 billion vs 12 billion) to establish an upper bound. For a more salient point of comparison, PayPal is complaining about paying $0.01 for every $100 of revenue.
- prepend 4y agoI guess they don’t get enough value from the city to choose to stay. They aren’t “complaining” they are moving to a place with more advantageous taxes. Seems rational.