“Overpaid Govt Tax” in SF hits corporations that pay CEOs 100X greater than employees

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San Francisco voters overwhelmingly authorised a poll measure to impose an additional tax on any large firm that pays its highest-paid worker over 100 occasions greater than its median employee.

The poll query was authorised Tuesday by 65 p.c of voters, with 230,298 sure votes and 123,943 no votes. Because the poll query states, the brand new tax is to be imposed on “companies in San Francisco when their highest-paid managerial worker earns greater than 100 occasions the median compensation paid to their workers in San Francisco.”

The tax is predicted to lift $60 million to $140 million per yr. Massive companies—these with over $1 billion in gross receipts, 1,000 workers nationwide, and administrative places of work in San Francisco—would pay an extra tax of 0.four p.c to 2.four p.c of their San Francisco payroll bills. Different companies that pay taxes on gross receipts as a substitute of payroll bills “would pay an extra tax from 0.1 p.c to 0.6 p.c of [their] San Francisco gross receipts.”

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