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<\/figure>\n\n\n\n‘The protectors of our industries,’ Puck Magazine, 1883<\/p>\n\n\n\n
T<\/strong>his June, San Francisco voters will have an opportunity to, rather literally, tax the rich.<\/a><\/p>\n\n\n\n The problem is, just two years ago, we \u2014 also literally \u2014 voted to not do that.<\/a><\/p>\n\n\n\n Here\u2019s how that works: In 2024, every last vestige of San Francisco political power united behind Prop. M,<\/a> a sweeping rewrite of the city\u2019s business tax formula. The issue was that San Francisco\u2019s business tax revenue had grown top heavy: Just seven of the biggest companies accounted for 24 percent of the revenue and the 100 biggest companies paid 58 percent of it.<\/p>\n\n\n\n This left San Francisco extraordinarily susceptible to a massive financial hit if even a handful of companies relocated. In November 2024, 69.5 percent of voters approved Prop. M, and eased the burden on the city\u2019s biggest companies (while the city did not disclose its largest companies, one needn\u2019t be Hercule Poirot to deduce many or all of them. Just scan the city skyline<\/a>, for starters.).<\/p>\n\n\n\n Here\u2019s the thing, though: By doing so, the city raised the burden on many, many smaller companies. This, again, was by design.<\/p>\n\n\n\n Easing taxes on the rich to raise taxes on the not-as-rich, regardless of the rationality of spreading out a tax base, was never a natural fit for San Francisco\u2019s electorate. And, not even two years later, the city\u2019s service employee unions have signature-gathered a tax on wealthy corporations onto this June\u2019s ballot.<\/p>\n\n\n\n Proposition D, the so-called overpaid CEO measure, would levy taxes on companies in which the CEO earns 100 times or more his or her median income employee. At issue here is that this would undo portions of Prop. M.<\/p>\n\n\n\n If voters approve, a measure meant to instill stability and predictability for businesses with offices in San Francisco would be replaced, not so long after the ink has dried. This is the opposite of predictability for city businesses \u2014 but, as a political measure, it was very predictable.<\/p>\n\n\n\n Also predictable: the news that the Chamber of Commerce signature-gathered its own dueling June 2026 measure intended to sink Prop. D (it\u2019ll be called Prop. C).<\/p>\n\n\n\n When questioned regarding their stance on Props C and D, some city leaders and aspiring elected officials have been straightforward. Others have been tap dancing to rival the\u00a0Nicholas Brothers.<\/a>\u00a0The county Democratic Party\u00a0will vote<\/a>\u00a0on whether to endorse or spurn Props. C and D on Wednesday night.<\/p>\n\n\n\n
![scan the city skyline<\/a>, for starters.).<\/p>\n\n\n\nHere\u2019s the thing, though: By doing so, the city raised the burden on many, many smaller companies. This, again, was by design.<\/p>\n\n\n\nEasing taxes on the rich to raise taxes on the not-as-rich, regardless of the rationality of spreading out a tax base, was never a natural fit for San Francisco\u2019s electorate. And, not even two years later, the city\u2019s service employee unions have signature-gathered a tax on wealthy corporations onto this June\u2019s ballot.<\/p>\n\n\n\nProposition D, the so-called overpaid CEO measure, would levy taxes on companies in which the CEO earns 100 times or more his or her median income employee. At issue here is that this would undo portions of Prop. M.<\/p>\n\n\n\nIf voters approve, a measure meant to instill stability and predictability for businesses with offices in San Francisco would be replaced, not so long after the ink has dried. This is the opposite of predictability for city businesses \u2014 but, as a political measure, it was very predictable.<\/p>\n\n\n\nAlso predictable: the news that the Chamber of Commerce signature-gathered its own dueling June 2026 measure intended to sink Prop. D (it\u2019ll be called Prop. C).<\/p>\n\n\n\nWhen questioned regarding their stance on Props C and D, some city leaders and aspiring elected officials have been straightforward. Others have been tap dancing to rival the\u00a0Nicholas Brothers.<\/a>\u00a0The county Democratic Party\u00a0will vote<\/a>\u00a0on whether to endorse or spurn Props. C and D on Wednesday night.<\/p>\n\n\n\n\n](\"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/8\/8c\/Salesforce_Tower_from_Salesforce_Park.jpg\/960px-Salesforce_Tower_from_Salesforce_Park.jpg\"){kind=link}