https://www.siliconvalley.com/2022/10/19/editorial-santa-clara-should-approve-business-utility-tax-measures/

Santa Clara has not updated its business tax since 1992.

Today, the city’s top 10 businesses, which include Intel, Applied Materials and Nvidia, have a total market cap of more than $1 trillion. Yet, under the current structure, each pays a maximum business tax to the city of $500 a year.