By Joshua Sabatini :sfexaminer – excerpt
A proposed sales tax hike that will go before San Francisco voters in November would reduce the amount of spending in local businesses, but simultaneously raise an equal amount of tax revenue.
That’s according to an economic impact report on the ballot measure from Ted Egan, The City’s economist. The .75 percent sales tax hike would result in a 9.25 percent sales tax rate come April 2017.
San Francisco’s sales tax is currently 8.75 percent, but will decrease to 8.5 percent in October.
Introduced by Mayor Ed Lee with the backing of supervisors Mark Farrell and Scott Wiener, the measure would generate between $150 million and $155 million per year — the same amount it would decrease in consumer spending.
The sales tax hike is already assumed in The City’s proposed budget. Both the sales tax hike measure and the proposed budget will…
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