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Posted on 03/02/2026 1:35:42 AM PST by Libloather
A powerful San Francisco group is unleashing $10 million this year to kill taxes that they say will destroy the city’s fragile economic recovery — and potentially increase the price of food and goods for already cash-strapped residents.
Neighbors for a Better San Francisco, a moderate advocacy group, plans to beat back a wave of lefty initiatives and candidates this year that they say will derail years of progress in liberal San Francisco, according to its director Jay Cheng.
One of the group’s main targets is a so-called “CEO tax” — a June ballot measure backed by progressives and labor unions that doesn’t tax individual executives but rather companies with a large gap between what the top executive and the median worker earns.
“It’s going to destroy our economy overnight, there’s no question,” said Cheng.
Shops like Nordstrom, the Gap, Starbucks, Target, Chipotle, Ross Dress for Less, CVS and Grocery Outlet would face huge tax increases — passing costs onto consumers or even ditching the city entirely, according to Cheng.
“If the CEO tax passes in June, the message to business is you can’t reliably predict what your tax bill will be year over year,” he said.
“Your tax bill will suddenly be 800% higher — no business can plan around that.”
San Francisco has an existing “overpaid CEO” tax that adds a surcharge to companies’ bills based on the ratio of executive and worker pay.
The new CEO tax, pushed by the SEIU and other labor groups and leftist elected officials such as Supervisors Connie Chan and Jackie Fielder, would dramatically increase that surcharge for firms whose highest-paid exec earns more than 100 times the median worker. Organizers say it could raise $200 million annually to preserve “essential city services.”
(Excerpt) Read more at nypost.com ...
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Free helicopter rides for SEIU leadership.
The COE tax will probably hurt the SEIO the most.
Companies will either exit SF, if they are too big, or outsource all the low level jobs to some other outlet, which will probably pay their employees even less!
Managers come in with the backing of banks and hedge fund stock owners. They focus solely on short term profit using outsourcing, cheaper inputs, etc., transferring tech to foreign or other competitors, ruining the company's long term prospects.
They get big pay and bonuses and the banks and hedge funds get big returns. The stock becomes a "buy" and the managers, banks and hedge funds sell to the rubes (you, me, pension funds, etc.). Then the company goes bankrupt or limps along. The managers, banks and hedge funds move on to strip-mine another company.
It's all a sophisticated variation on the pump and dump. The "Wolf of Wall Street" with a better wardrobe.
The US is caught between the Scylla of Communism and the Charybdis of crony capitalism.
It's really beginning to look that way, isn't it?
If the Dems regain control in DC, it will be a full onslaught of Communism, which is why Trump should be using the Insurrection Act to have them jailed and lustrated.
Well stated and clever reference to Greek Mythology, aptly applied.
Taxes always make it better. Especially in liberal cities. Don’t go wobbly SF. Stick it to those greedy CEOs.
Any idiot with a spreadsheet can do "cost-cutting" by outsourcing to China, hiring illegals, using cheaper inputs and destroying customer service. They don't care as long as they have the backing of those providing ready capital on Wall Street, who also benefit from short-term gains but get out early.
Few see it, for years I have had that understanding. The arguments on this issue usually pick one of either side and in truth both sides are wrong. Hard to get people to see that.
The current concept of “shareholder” is anything but for the shareholders, it is a mechanism to dilute and ultimately remove power from any accountability of the owning group and instead give it to the “manager” you have identified. This ends up in control of a few globalist elites. It is basically stealing the power of the people who think they have a vested interest in the business.
Also, as you identified this then allows an unaccountable series of cost cutting measures to tear the company down to the detriment of the employees and the legacy of the business.
“I’d love to change the world, but I don’t know what to do...
So I’m leaving it up to you.”
Unfortunately, low-information voters leave it up to the wrong people.
Yeah
They’ve funded and helped the rabble, created a monster; now they are trying to kill it. SMH.
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