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/.