San Francisco's Proposition D, the so-called "Overpaid CEO Tax," is on the June 2026 ballot and would impose an roughly 800% increase in gross receipts tax rates on large companies — but critics say the measure is structured to exempt major tech firms while hammering grocery stores, pharmacies, and coffee shops. Despite its populist branding, the tax doesn't touch CEO paychecks at all; it's levied on business revenue, meaning consumers would likely absorb the costs through higher prices. This comes as San Francisco's downtown still has one-third of office space vacant and companies like Stripe, Schwab, and Square have already left the city citing its existing tax burden.
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.