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Billionaire cheers new tax that will take millions from Big Tech

Business Insider logo Business Insider 11/7/2018 Isobel Asher Hamilton
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Video by Bloomberg

Marc Benioff has tweeted jubilantly following the success of Proposition C.

The tax scheme was voted through on Tuesday during the US midterms. It will tax big San Francisco companies whose gross annual receipts total $50 million to raise money to combat the city's homelessness crisis.

Benioff, the billionaire Salesforce CEO, has been a vocal proponent of Prop C, which has divided tech CEOs in recent weeks, with the debate spilling over on to social media.

In October, he publically argued with Twitter CEO Jack Dorsey, who thinks there is a better way to tackle homelessness, and later said: "You're either for the homeless and for the kids and for the hospitals, or you're for yourself." He also locked horns with Zynga's chairman and cofounder Mark Pincus.

On Tuesday, Prop C, which has been predicted to raise between $250 million and $300 million beginning in 2019, passed with 60% of the vote in San Francisco, and Benioff celebrated on Twitter.

Benioff's company Salesforce would be among the firms targeted by the tax, and Benioff has said it would have to pay between $10 million and $11 million a year into the scheme.

Critics of the tax, including San Francisco Mayor London Breed, said that Prop C was ill-built to fully address the city's homelessness crisis. The scheme is also known as the "Our City, Our Home" initiative.

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