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The issue is the San Francisco gross receipts tax, which becomes problematic for any payments company because it applies to the payments volume Twitter is plan
by paulsutter 2y ago
The issue is the San Francisco gross receipts tax, which becomes problematic for any payments company because it applies to the payments volume
Twitter is planning to become a payments platform
- BluSyn 2y agoCorrect. Surprised more people aren’t aware of this. Twitter literally can’t launch it payments service while still having SF as HQ.
- cbsmith 2y agoThere might also be a thing about being millions behind on rent...
- dehrmann 2y agoSince a gross receipts tax hits anything other than small, local stores inconsistently, I'm not sure what behavior it's trying to drive. It also taxes revenue rather than income, so yes, it makes anything ulta-low margin like a payments platform DOA.
- acchow 2y agoIt seems the objective is to disincentive companies that have business outside the city borders.
- sagz 2y agoInteresting. How does Stripe and other SF based payment platforms handle it?