Council proposal would increase taxes on large Oakland businesses
A coalition of elected officials, business leaders and labor struck a compromise to have multi-million dollar corporations pay an average of 10-thousand dollars more in taxes, if they earn more than 50 million dollars in gross profits in their Oakland operations.
Mayoral candidate and current Council President Pro Tem Sheng Thao brought the groups together on the proposal. The City Council is expected to pass the proposal. If passed and then approved by voters, it would bring in about 22 million dollars for the city's General Fund.
The money would help pay for parks, libraries, fire stations, and needed city workers.
Most businesses would see no change in their taxes, including cannabis businesses. About 6,000 smaller Oakland businesses would get a tax cut under the proposal.
Voters would need to approve the measure by a simple majority in November.