San Francisco's Prop D — branded as an "Overpaid CEO Tax" — is on the June 2026 ballot and would deliver an 800% gross receipts tax rate hike that critics say exempts major tech companies while hammering grocery stores, pharmacies, and coffee shops. The tax doesn't touch CEO paychecks — it's levied on business revenue, meaning costs get passed to consumers. Meanwhile, Tom Steyer's parallel push to close what he calls the "Trump Tax Loophole" on commercial property has drawn scrutiny for inflating projected revenue figures by as much as 150% above the state's own estimates.
Prop D's 800% rate hike exempts every major tech company while hitting grocery stores, pharmacies, and coffee shops hard.
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.