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San Francisco voters reject tax hike targeting companies with highly paid executives

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San Francisco voters reject tax hike targeting companies with highly paid executives

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.

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.

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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.

CHATGPT BOOM FUELS A LUXURY HOUSING FRENZY IN BAY AREA

California Residents Vote In Primary Election

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)

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.

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.

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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)

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.

CALIFORNIA TECH LEADERS CHALLENGE PROGRESSIVE POLICIES AS BILLIONAIRES, BUSINESSES FLEE: REPORT

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.

california election workers count ballots

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)

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.

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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.

FOX Business’ Eric Revell contributed to this report. 

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Switzerland votes on proposal to cap population at 10 million

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Switzerland votes on proposal to cap population at 10 million


Switzerland votes on proposal to cap population at 10 million

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Momentum and Small-Caps Lead Market Amid Big IPO

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Stocks Little Changed After Fed Decision

It’s fitting that the largest IPO ever debuted on a day that Wall Street was back chasing momentum stocks.

The S&P 500 was up 0.5%. The Nasdaq was up 0.4%. The Dow was up 384 points, or 0.8%. SpaceX stock was up 27% to $170.88 in its debut so far, which puts it right around TSMC among the top seven companies by market cap.

The top exchanged-traded funds focused on stocks with particular characteristics, or factors, were mostly momentum, risk, and growth focused on Friday.

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Adobe CFO Heads to a Chip Firm. It’s All You Need to Know About Software’s Downfall.

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Adobe CFO Heads to a Chip Firm. It’s All You Need to Know About Software’s Downfall.

Adobe CFO Heads to a Chip Firm. It’s All You Need to Know About Software’s Downfall.

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Microsoft Stock Is Having a Rough Week. It’s the Latest AI Play Under Pressure.

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Microsoft Stock Is Having a Rough Week. It’s the Latest AI Play Under Pressure.

Microsoft Stock Is Having a Rough Week. It’s the Latest AI Play Under Pressure.

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Coming to Grips With a Trillion-Dollar Sum

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Spencer Jakab hedcut

Not long ago, the word trillionaire only appeared in The Wall Street Journal as hyperbole. It was an obviously exaggerated way of describing an inconceivable fortune—like calling someone a bazillionaire. But now with SpaceX going public, we are today using it for Elon Musk.

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Hopes for Iran Peace Deal Sparked Quick Rally in Luxury Stocks. Is It Time to Buy?

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Hopes for Iran Peace Deal Sparked Quick Rally in Luxury Stocks. Is It Time to Buy?

Hopes for Iran Peace Deal Sparked Quick Rally in Luxury Stocks. Is It Time to Buy?

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FDA issues highest-risk recall for Alfredo sauce sold in 41 states

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FDA issues highest-risk recall for Alfredo sauce sold in 41 states

The Food and Drug Administration (FDA) has classified a recall of more than 900 cases of Alfredo sauce at its highest risk level after a supplier recalled a dry milk powder ingredient used in the product due to potential salmonella contamination.

The FDA designated the recall as a Class I event, its most serious classification, meaning there is a reasonable probability that use of or exposure to the product could cause serious adverse health consequences or death.

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The recall affects 913 cases of Alfredo sauce packaged in 3-pound, 7-ounce sealed poly bags and 12 bags per case, according to an FDA enforcement report.

FORD RECALLS MORE THAN 255,000 FOCUS VEHICLES OVER ENGINE STALL RISK

Fettuccine Alfredo being prepared in a pan

Fettuccine Alfredo is prepared in a kitchen. The FDA classified a recall of more than 900 cases of Alfredo sauce as a Class I event due to potential salmonella contamination. (Getty Images / Getty Images)

According to the FDA, The Coffee Connexion Co., Inc., which is based in Lebanon, Tennessee, voluntarily initiated the recall on May 6, after a supplier recalled a dry milk powder ingredient used in the product due to potential salmonella contamination. The recall remains ongoing.

A representative for The Coffee Connexion Co. did not immediately respond to FOX Business’ request for comment.

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The affected product carries UPC 0039954921963 and includes batches 046188 through 046193 with a best-by date of Jan. 12, 2028; batches 047290 through 047296 with a best-by date of Feb. 16, 2028; batches 048029 through 048034 with a best-by date of March 9, 2028; and batches 049089 through 049094 with a best-by date of April 20, 2028.

MORE THAN 17K COFFEE MAKERS RECALLED AFTER DOZENS OF REPORTED BURN INJURIES

Fettuccini Alfredo on a plate

A serving of fettuccine Alfredo is served. The recalled product was distributed in more than 40 states, according to the FDA. (iStock / iStock)

According to the FDA, the product was distributed in Alabama, Arkansas, Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.

Salmonella can cause serious and sometimes fatal infections in young children, older adults and people with weakened immune systems. Healthy people infected with salmonella often experience fever, diarrhea, nausea, vomiting and abdominal pain, according to the FDA.

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According to the FDA, the product was distributed in 41 states. (Brian Kaiser/Bloomberg via Getty Images, File / Getty Images)

The FDA’s enforcement report states that no press release was issued for the recall and does not indicate whether any illnesses have been reported.

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The recall was assigned FDA recall number H-0909-2026 and received its Class I classification on June 4.

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Soccer-Beating the heat no problem for World Cup fans in sweltering Houston

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Soccer-Beating the heat no problem for World Cup fans in sweltering Houston


Soccer-Beating the heat no problem for World Cup fans in sweltering Houston

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Mexico investigates murder of mayor of town in Oaxaca state

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Mexico investigates murder of mayor of town in Oaxaca state

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Trump names James McDonald as US attorney for Manhattan

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Trump names James McDonald as US attorney for Manhattan

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