Oakland City Council to consider tax hike for larger businesses

CBS News

Large Oakland businesses will pay more in taxes under a proposal going before the City Council Thursday.

A coalition of elected officials, business leaders and labor struck a compromise that will have businesses paying about $10,000 more in taxes on average if they have Oakland-based gross receipts of $50 million or more. Voters in November will need to approve of the measure if it passes the council.

Council President Pro Tem Sheng Thao, who is running for mayor, brought the groups together on the proposal, which would raise about $22 million for the city's General Fund.