Chan’s proposal would ask metropolis voters to reinstate the earlier construction of town’s Overpaid Govt Tax, which imposes a tax on companies the place the highest-paid government earns greater than 100 instances the median compensation of San Francisco workers.. In November 2024, voters repealed elements of the manager tax via Proposition M, a complete enterprise tax reform measure. Chan’s proposal permits different modifications made in Prop M to stay intact.
The plan would additionally increase taxes on ride-hailing firms, together with Uber, Lyft and Waymo, just like Proposition L on the November 2024 poll. Though voters accepted Prop L, the proposal didn’t take impact as a result of Prop M included a provision that nullified the ride-share tax.
The poll measure proposal wants solely a 50% majority to cross, and will generate round $150-200 million yearly. It has been submitted for a listening to earlier than the Board of Supervisors Guidelines Committee; nonetheless, it routinely qualifies for the November 2026 poll as a result of 4 supervisors signed on — Chan, together with Supervisors Shamann Walton, Jackie Fielder and Chyanne Chen.
Chan, who represents the Richmond District, stated the funding, which might not be earmarked for a particular objective, is required as town weathers cuts from the federal authorities to healthcare, meals advantages and town’s public transportation system, which is dealing with a deficit of greater than $300 million.
“Our metropolis authorities is being put into an unattainable place to step as much as the plate, which is to say that that is the time and second that billionaires have to pay their fair proportion,” Chan stated. “We all know that since January, they’ve gotten their method with the Trump administration via tax cuts.”
