SF News: SAN FRANCISCO—San Francisco voters approved a new tax that will target the salary gap between CEO’s and their workers.
Measure L, also known as the Overpaid Executive Tax, was passed by 65.18% of voters on November 3. San Francisco is the first U.S. city to tax both private and public businesses based on how “overpaid” their top executives are.
The San Francisco News previously reported the tax includes companies where the CEO receives 100 times that of the average employee. In those cases, the corporation would be taxed an additional .1 percent of their annual business taxes. If the disparity is larger, then the tax is larger.
The measure, introduced by San Francisco District 6 Supervisor Matt Haney, is expected to generate an estimate of $60 million to $140 million a year in general funds. read more
This summer Maine was invaded by people from California and NY.
They, of course, voted for the same policies they ran from.
Rent control in Portland, ME. $22 min. wage by 2024.
Maybe San Francisco is overestimating its importance as a marketplace.
We’ll see.
They apparently don’t recall Bill Clinton’s attempt to limit executive pay and the rise of stock options. Now people will just vote with their feet and work remotely elsewhere.
What’s the ratio of the mayor’s salary PLUS UNDER-THE-TABLE PAYOFFS to that of a San Francisco Asian Art Museum docent?
If only jeff bezos lived there they could fund more poop patrols.
So San Francisco does not want any big corporations located there?
Why not have the city set up a go fund me page. then people can pay taxes whatever they want 24 hours a day.
I assume they’re also going to raise taxes on congressmen who mysteriously become millionaires while in office.
They need to drive out the rich and the corporations in order to have more room available for illegals and the homeless! The RINO’s in congress will make up the difference in what they lose with taxpayer funds
How many Silicon Valley CEO’s get it in the neck?
More is better.
It’s kinda funny how REgressives think that if/when we do split up the country, their side will kick our sides’ ass economically.
The same people that have using states like CO, VT, NH, NV as pressure reliefs go tos will be trapped in their shitholes to suffer the consequences(finally) of their policies.
God, I hope I’m alive to see it.
Or maybe like Harry Stamper, I can look in from time to time.
Well, many CEOs in the upper income get their wealth thru stock options. Do I detect a loophole here?
When free market capitalism becomes a fascist coalition between big corps and government, is ANYONE going to side with them?