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‘Varney & Co.’ host Stuart Varney examines the California gubernatorial and Los Angeles mayoral primary elections as the vote counts continue during his ‘My Take.’<\/p>\n
San Francisco voters appeared to reject a ballot measure that would have significantly increased taxes on some large companies with highly paid executives, delivering a win for business groups and technology leaders who argued the proposal could hinder the city’s economic recovery.<\/p>\n
According to results posted by the San Francisco Department of Elections, Measure D was failing with 53.64% of voters opposed and 46.36% in favor. The measure required a simple majority to pass.<\/p>\n
Measure D would have expanded San Francisco’s existing CEO pay ratio tax, which applies to certain large businesses when a top executive earns more than 100 times the median compensation of workers. The proposal would have changed the formula by comparing executive pay with a company’s entire workforce rather than only its San Francisco employees, while also increasing tax rates on affected businesses.<\/p>\n
CHATGPT BOOM FUELS A LUXURY HOUSING FRENZY IN BAY AREA<\/p>\n
Voters cast their ballots at a polling location inside City Hall during a primary election in San Francisco on Tuesday, June 2, 2026. (Jason Henry\/Bloomberg via Getty Images \/ Getty Images)<\/p>\n
City officials estimated the measure would generate between $250 million and $300 million in annual revenue. Supporters said the proposal would help address income inequality while providing additional funding for city services.<\/p>\n
Opponents, including Mayor Daniel Lurie, argued the measure could drive employers away from San Francisco and make the city less competitive as officials work to revive downtown and attract new investment.<\/p>\n
Voters cast their ballots at a polling location at City Hall during a primary election in San Francisco, California, on Tuesday, June 2, 2026. (David Paul Morris\/Bloomberg via Getty Images \/ Getty Images)<\/p>\n
The proposal also faced opposition from prominent technology executives, including Google co-founder Sergey Brin, who donated $500,000 to a committee campaigning against the measure.<\/p>\n
CALIFORNIA TECH LEADERS CHALLENGE PROGRESSIVE POLICIES AS BILLIONAIRES, BUSINESSES FLEE: REPORT<\/p>\n
The outcome adds to a series of election results that suggest San Francisco voters have shifted toward a more centrist approach on economic and governance issues. In recent years, voters recalled former District Attorney Chesa Boudin, removed three school board members and elected Lurie, a moderate Democrat who campaigned on public safety and economic recovery.<\/p>\n
Election workers process mail-in ballots at the Department of Elections at City Hall during a primary election in San Francisco on Tuesday, June 2, 2026. (Jason Henry\/Bloomberg via Getty Images \/ Getty Images)<\/p>\n
The vote comes as San Francisco seeks to capitalize on an artificial intelligence-driven investment boom while continuing to confront concerns about its business climate and the departure of several high-profile companies and entrepreneurs in recent years.<\/p>\n
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The defeat of Measure D is likely to be viewed by business advocates as a sign that voters remain focused on economic growth, job creation and efforts to strengthen the city’s competitiveness.<\/p>\n
FOX Business’ Eric Revell contributed to this report.\u00a0<\/p>\n
#San #Francisco #voters #reject #tax #hike #targeting #companies #highly #paid #executives<\/p>\n","protected":false},"excerpt":{"rendered":"
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