Marc Benioff, billionaire cofounder of Salesforce, was the top political contributor in San Francisco elections this year. Businesses with more than $1 billion in gross receipts would pay another 1.4% in payroll expense taxes; the tax applies only to business generated in San Francisco. Since it was not elected officials but voters who put the proposed tax on the ballot, the ballot measure needed two thirds of the vote to prevent further debate. A gaggle of billionaire opponents of Prop C arose in response. The issue got more complicated when San Francisco mayor London Breed came out in opposition against Prop C on October 5.

Source: Forbes November 07, 2018 13:17 UTC