San Francisco's Proposition D, the "Overpaid CEO Tax," is on the June 2026 ballot — and critics say it's a bait-and-switch that exempts tech companies while hitting grocery stores and pharmacies with an 800% gross receipts tax hike. The tax doesn't touch CEO paychecks; it's levied on business revenue, meaning consumers would likely bear the cost through higher prices. With a third of downtown office space still empty and major companies like Stripe and Schwab already having fled SF's tax burden, the stakes for the city's economic recovery are high.
Prop D's 800% rate hike exempts every major tech company while hitting grocery stores, pharmacies, and coffee shops hard.
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.