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San Francisco voters endorse tax to support homeless

Tags: news,location:San Francisco-CA

San Francisco voters have endorsed an initiative to tax big companies to help the homeless.

The initiative, also known as Proposition C received 59.9% of the votes(YES votes) during the midterm elections on November 6. The No votes accounted for 40.1% of total votes cast.

Large businesses with over $50 million returns will be taxed 0.175 to 0.69 percent to fight homelessness through financing beds, mental health services and prevention of homelessness.

Proposition C will double San Francisco’s current budget to help rescue those living in the streets. The tax on large businesses is expected to bring in from $250 million and $300 million annually.

This article was first published here https://www.invests.com/2018/11/08/san-francisco-votes-to-tax-big-business-to-rescue-its-homeless/.

 

 

 

 

 

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Sarah Odhiambo
Nov/14/2018

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