San Francisco's biggest companies now forced to pay a homeless tax
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Voters in San Francisco approved a new corporate tax on Tuesday that will raise $300 million a year from the city’s largest companies and direct that money toward homeless services. Limited time: Save 25% on NBC News subscription Get exclusive reporting, live Q&As and ad-free reading. Proposition C, as it was known to voters, is the largest corporate tax increase in San Francisco history. The measure passed with 59.9 percent of the vote.
AI Summary
Main Idea: San Francisco voters approved a new tax on the city’s biggest companies to raise about $300 million a year for homeless services, with Marc Benioff backing the measure and Jack Dorsey opposing it.
Key Points:
- Proposition C passed with 59.9% of the vote and is the largest corporate tax increase in San Francisco history.
- The tax will apply to companies with more than $50 million in annual gross receipts and could add 0.175% to 0.69% in tax.
- Benioff spent more than $7.8 million supporting the measure and called the win a step toward helping homeless people.
- Dorsey and other tech leaders argued the tax is unfair and lacks accountability, while Mayor London Breed also opposed it for that reason.
Impact on the People
Negative Impact
San Francisco companies may pass the new tax cost on to customers, workers, or local investment, and some firms may grow more slowly.
Positive Impact
The tax could bring about $300 million a year for homeless services, which may help people without housing if the city spends the money well.
How did each entity affect people?
Rate how each entity in this article affected the American people.
- Primary:Marc Benioffperson
Candidate Entities6 candidates · 5 weighted vote min · 70% decision
- Marc BenioffpersonPrimaryEvaluated
Billionaire Salesforce founder and co-chief executive officer whose campaign spending and support for Proposition C are central to.
Include 0 (0%)Ignore 0 (0%)5 to threshold - City and County of San FranciscocityPrimaryAI selected
Local government jurisdiction whose voters approved the corporate tax and whose policy response to homelessness is the focus.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Jack DorseypersonMajorAI selected
Named tech executive whose criticism of Proposition C and comparison to other companies is a major part of.
Include 0 (0%)Ignore 0 (0%)5 to threshold - London BreedpersonMajorAI selected
San Francisco mayor whose opposition to Proposition C and accountability concerns are central to the article.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Patrick CollisonpersonContextCandidate
Stripe co-founder and CEO quoted on Proposition C, giving a notable but secondary reaction.
Include 0 (0%)Ignore 0 (0%)5 to threshold - StripecompanyContextCandidate
Named competitor cited as another firm disproportionately affected by the tax.
Include 0 (0%)Ignore 0 (0%)5 to threshold
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