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Stock impact report

City Council hearing gets heated over Philadelphia's proposed ride-hailing tax, school district's master plan [CBS News]

Uber Technologies, Inc. (UBER) 
Last uber technologies, inc. earnings: 2/6 04:05 pm Check Earnings Report
Company Research Source: CBS News
City Council chambers were packed for a contentious hearing that featured questions and concerns from councilmembers over the mayor's proposed budget. A big point of contention was not just the tax on ride-hailing services but also the School District of Philadelphia's proposed long-term facilities plan "How am I supposed to look at my neighbors in the face and tell them I'm going to hit them with another tax," Councilmember Jim Harrity said. There was a heated debate at City Council on Tuesday as councilmembers discussed Parker's proposed $1-per-ride tax on ride-hailing services like Uber and Lyft in Philadelphia. While the mayor called on the companies to absorb the tax, city councilmembers questioned its trickle-down effect. Uber and Lyft have already said they will pass the tax on to riders. "Drivers will absorb," Lyft public policy manager Angeline Jefferson said. "Relying on one industry isn't fiscally responsible." Parker pitched the plan as a way to save 340 teachin Show less Read more
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