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San Francisco, Proposition D

Should San Francisco raise taxes on companies where the chief executive officer earns at least 100 times more than the median employee?

This measure would change the base comparison for the city’s existing Top Executive Pay Tax from the median pay of a business’s employees in San Francisco to all of its employees. It would also add additional gross receipts taxes and administrative office taxes on businesses subject to the Top Executive Pay Tax. Passes with majority vote.

Proposition C and Proposition D are competing measures. If both pass, the proposition that receives the most votes goes into effect.

Yes Argument

Proposition D could generate over $300 million per year, restoring funding for critical public services that were lost through federal corporate tax breaks. It will require large corporations with over $1 billion in revenue to pay more, while not raising additional taxes on small and midsized businesses. 

No Argument

Proposition D risks driving away large businesses from San Francisco at a time when the city needs their tax revenue for economic recovery. This measure would also undo parts of Proposition M, a business tax measure that voters approved in November 2024. 

Key Supporters

This list represents notable organizations and individuals who have taken a position on the ballot measure or candidate, or who are funding campaigns in support or opposition. This list is not exhaustive, and may be updated.

In Support

  • Chinese Progressive Association
  • Evolve California
  • People’s Budget Coalition
  • San Francisco Tenants Union
  • SEIU Local 1021

In Opposition

  • Daniel Lurie, mayor, San Francisco
  • Garry Tan, CEO, Y Combinator
  • Briones Society
  • San Francisco Chamber of Commerce
  • San Francisco Republican Party
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