billionaires\u2019 tax<\/a> expected to qualify for California\u2019s November ballot.<\/p>\nBut the measure was opposed by Mayor Daniel Lurie, as well as several prominent tech leaders, who argued that it would push businesses out of San Francisco and slow the city\u2019s post-pandemic economic recovery. Sergey Brin, co-founder of Google, and Tony Xu, the co-founder of DoorDash, each spent hundreds of thousands of dollars to defeat the initiative.<\/p>\n
It was the latest sign that San Francisco, despite its liberal image, has taken a more centrist tack in recent years. In 2022, the city ousted its progressive district attorney and recalled three school board members after they focused heavily on social justice initiatives while campuses were closed during the pandemic. In 2024, voters elected Mr. Lurie, a moderate Democrat who pledged to focus on quality of life matters.<\/p>\n
Proposition D would have expanded a tax originally approved by voters in 2020 that essentially penalized companies with a large wage gap between employees and executives.<\/p>\n
The tax currently applies to businesses with more than 1,000 employees and $1 billion in annual revenue, and that have top executives who make more than 100 times the median pay of their San Francisco employees.<\/p>\n
Proposition D instead would have compared executive salaries to the median pay of all the company\u2019s employees \u2014 not just those in San Francisco, where salaries tend to be significantly higher. The new measure also would have increased the tax rates imposed.<\/p>\n
A city analysis found that Proposition D would have increased annual city revenues by $250 million to $300 million, but that it likely would have resulted in a loss of about 940 jobs in the city.<\/p>\n","protected":false},"excerpt":{"rendered":"San Francisco voters appear to have rejected a significant tax increase on highly paid corporate executives that had…\n","protected":false},"author":2,"featured_media":352581,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[7,144026,101,8264,103,102,104,106,105],"class_list":["post-352580","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-francisco","tag-california","tag-corporate-taxes","tag-san-francisco","tag-san-francisco-bay-area-calif","tag-san-francisco-headlines","tag-san-francisco-news","tag-sf","tag-sf-headlines","tag-sf-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/352580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=352580"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/352580\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/352581"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=352580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=352580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=352580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}