Companies with top executives who earn 100 times more than their average worker will pay an extra 0.1% surcharge.San Francisco approved new tax measures that target property owners and CEOs of big businesses, in an effort to address concerns about growing economic inequality.
Critics say the tax changes are a "blatant attempt" to redistribute wealth and will erode the local economies during the pandemic. 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.
Critics call the surcharge a blatant attempt at redistribution of wealth and criticized raising business taxes in the middle of a recession. The CEO tax is expected to generate between $60 million to $140 million per year, and 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.
AP Welcome to texas😂
AP Wave good-bye to them as they move their businesses and their money to more sane areas. You never learn.