San Francisco to Tax Big Businesses to Raise Money to Help Homeless

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San Francisco voters have passed Proposition C after a heated campaign to tax the city's wealthiest businesses in order to double funding for its overstretched homelessness services.

The measure, called Proposition C, won by a vote of 60-40 percent, according to the San Francisco Chronicle.

That cash would almost double the city's budget earmarked for curbing homelessness. If it passes, it will almost double San Francisco's budget dedicated to the curbing homelessness by adding $300 million a year to fund housing, shelters, mental health services and preventive measures.

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But the assessment also found that the new tax may cost the city 725 to 875 jobs a year over the next two decades ― a net estimate found by factoring in both the jobs lost because of higher business taxes and the jobs gained by increased spending on construction and homeless services. Businesses with over $50 million in gross annual receipts would be taxed at about 0.5 percent and those with over $1 billion in gross annual receipts would pay 1.5 percent of payroll expenses.

Twitter CEO Jack Dorsey railed against the measure - which has been dubbed "Our City, Our Home" - saying the tax was unfair and would temper growth in the city.

The city's Office of Economic Analysis concluded in an assessment that the measure would likely succeed in reducing homelessness in San Francisco.

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