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November 5, 2020 11:30 pm

San Francisco Voters Approve Taxes On Highly Paid CEOs, Big Businesses

San Francisco voters have overwhelmingly approved several tax measures targeting property owners and big businesses with CEOs who are paid far more than their average workers. The Los Angeles Times reports: Under a newly approved law, any company whose top executive earns 100 times more than its average worker will pay an extra 0.1% surcharge on its annual business-tax payment. If a CEO makes 200 times more than the average employee, the surcharge increases to 0.2%, and so on per multiple of 100. Voters also agreed to sweeping business-tax changes that will lead to a higher tax rate for many tech companies and a higher transfer tax on property sales valued between $10 million and $25 million. The results "show that San Franciscans are concerned about growing economic inequality," city Supervisor Matt Haney, the author of the measure titled Overpaid Executive Tax, said Wednesday. "The very wealthy are gaining more and more. They've gotten much richer during the pandemic, while everyone else has remained stagnant." The CEO tax is expected to generate between $60 million to $140 million per year. Haney said he wants most of the money directed towards health services. He dismisses fears that the surcharge will drive companies out of the city, saying the tax is modest in comparison to the cost of moving a business. He said he hopes the tax will drive companies to reexamine their compensation structures and will ultimately be adopted on a national level.

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