Welcome, Guest: Join Nigeria Student Forum / Login / Trending Now / Recent

Stats: 14,390 members, 49,187 Topics, 11,053 Comments. Date: November 14, 2018, 1:18 am

San Francisco Voters Want To Fight Homelessness By Taxing Big Tech Companies

Nigeria Student Forum / General Discussion / World News / San Francisco Voters Want To Fight Homelessness By Taxing Big Tech Companies (20) Views

(Go Down)
TEXT AD: To place a text-based advert here. Call Seuncoded - +2348165799053
San Francisco voters passed a proposition Tuesday that would levy a tax on the city's wealthiest companies and use the money to increase funding for homelessness services.

A rise in high-paying tech jobs has contributed to a tight housing market and a growing homelessness problem along the West Coast. San Francisco ranks among the least affordable cities in the nation, with a median single-family home value approaching $1 million.

Legal challenges are likely for the proposition, which would need a higher level of support from voters if it was ruled a "special tax" rather than a general tax.

The measure, labeled Proposition C, received the simple majority of votes it would need if it was considered a general tax. But "special taxes" aimed at particular needs would require a two-thirds majority under California's constitution.

Proposition C would tax companies' revenue above $50 million and is expected to raise up to $300 million per year. The city currently spends $380 million combating homelessness annually.

Nov. 7: Florida votes to end greyhound racing; fate uncertain for more than 6,000 dogs

Nov. 6: Facebook, Twitter whack away at midterm misinformation on Election Day

The city's complex tax code would charge different categories of businesses different tax rates, with financial services companies being hit particularly hard, NBC News reports. Large businesses can expect a tax increase between .175 percent and .69 percent, the network says.

One high-profile supporter of Proposition C: Salesforce billionaire Marc Benioff. He donated millions to support the cause and clashed with other tech moguls over the proposition.

Earlier this year, a similar proposal — often called "the Amazon tax" — failed after pushback from Starbucks and Amazon.

Contributing: The Associated Press.


0 Like


Don't have an account? Use the form below to signup for a Nigeria Student Forum Account and start earning for every posts and comments.

Sponsor: 0
Full Name:
Username: E.g Seuncoded
Confirm Password:

I agree to the terms of service

Viewing this topic:
1 guest viewing this topic
Download the Ngstudentforum app for Android Devices

Nigeria Student Forum - Copyright © 2016 - 2018. Fadeyi Oluwaseun All rights reserved. - See How To Advertise
Disclaimer: Every Nigeria Student Forum member is solely responsible for anything that he/she posts or uploads on Nigeria Student Forum.