A coalition in California is proposing legislation to boost taxes on wealthy multi-national corporations to raise more than $2 billion a year to end homelessness.
Opponents say it would contribute to the perception that California is hostile to business.
In 2018, voters in San Francisco approved a controversial tax on uber-wealthy businesses to fund homeless programs.
Assembly Bill 71 would raise the corporate income tax from 8.84% to 9.6% on companies that make more than $5 million annually in profits in California, said Christopher Martin, policy director for Housing California, which supports the legislation.
But Martin said the proposed tax increase wouldn't have any effect on where a company is headquartered or where its CEO lives because it taxes profits made in California.