Tom Steyer is campaigning for governor on a pledge to close what he calls the "Trump Tax Loophole"—a rebranding of Proposition 13, a law passed by a Democratic legislature in 1978, with revenue projections critics say are inflated by up to 150%. Meanwhile, a union-backed "CEO Tax" heading for the June 2026 ballot would raise San Francisco's gross receipts tax by up to 800%—a move business groups warn could accelerate the corporate exodus that has already cost the city Stripe, Schwab, and Square. Both proposals arrive as San Francisco is outpacing every other U.S. tech hub in startup formation, raising the stakes for getting business tax policy right.
Tom Steyer renamed a 1978 Democratic law after Donald Trump and called it a plan. The loophole is real. The history, and the math, are not.
San Francisco is the only tech hub in America with growing startup formation—and city hall is doing everything it can to drive companies out.
SF Chronicle says murals can revive empty buildings. Meanwhile, the city's about to make it impossible to do business downtown.
It doesn't tax CEOs. It's an 800% gross receipts hike that hits Safeway shoppers while executives pay nothing.
Unions want an 800% tax increase disguised as class warfare—and they're breaking a deal they made just last year.
Labor coalition wants an 800% tax hike while 1/3 of downtown sits empty. They're breaking the deal they made last year.