San Francisco Voters Pass Proposition D, Raising Taxes on Firms With Over $1 Billion Revenue
Updated
Updated · KQED · Jun 2
San Francisco Voters Pass Proposition D, Raising Taxes on Firms With Over $1 Billion Revenue
3 articles · Updated · KQED · Jun 2
Summary
Proposition D won a majority vote in San Francisco, changing the city’s Top Executive Pay Tax and adding new gross receipts and administrative office taxes on affected businesses.
The measure shifts the pay-tax comparison from a company’s San Francisco workforce to all employees, broadening how executive-to-worker pay ratios are calculated for large corporations.
Supporters said the package could generate more than $300 million a year, restore public-service funding and target companies with over $1 billion in revenue rather than small and midsized businesses.
Opponents, including Mayor Daniel Lurie and the San Francisco Chamber of Commerce, argued it could push large businesses away and roll back parts of Proposition M, a business-tax measure approved in November 2024.
Proposition D competed with Proposition C; if both pass, the one with the higher vote total takes effect.