Posted on 11/09/2020 12:13:48 PM PST by Vendome
In an effort to address economic disparities laid bare by the COVID-19 pandemic, 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.
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.
"We’re not gonna shed any tears if penthouse dwellers have to cough up,” the San Francisco League of Pissed Off Voters wrote in its voter guide
"We need the wealth that has been generated in the city to be shared more broadly with workers and residents,” he said
(Excerpt) Read more at latimes.com ...
To each according to his needs
That’s Funny...
I’ll guess they will be watching in short order, Highly paid CEOs...along with their tax dollars, move to greener pastures.
When are they going after big Hollywood..those guys make tens of millions of dollars prancing around in wigs and a cod piece. While the rest of us peasants are forced to eat gruel and sleep on hay!
Embrace the suck.
LOL
I guess this means San Fran elites will have less money to donate to the Democrats. Hey, welcome to socialism, you deserve it!
Biden and Harris look at this and say “hold our beer”.
This is a lie. The tax could affect a small plumbing business or Mom and Pop store.
Moving corporations out of the city limits is really difficult—don’t know how they will be able to fit all their stuff on horses and buggies.
Oops—wrong century!
Maybe that's why Googles former director/CEO Schmidt is looking for Cyprus citizenship ?
Ya think ?
Already happening because of the plandemic.
Sales force and Dropbox are two examples of companies that have told their employees they can work from anywhere they want.
There will be no need for a presence in the city
In fact, many law and CPA firms have decided since their clients are no longer dependent upon a physical presence in the city, they are moving out of the city and will only rent shared office space...
Problem solved and further reduction of tax theft...
Too bad...
Not really sure how many big-time CEOs are affected by this... Rasputin Dorsey of Twitter is the first one Of the top of my head, I guess, but guessing that a lot of these guys will find loopholes (e.g., taking nominal salaries and receiving compensation in some form that skirts this law).
That was the funny part and they voted for it...
Well, then SFO ends up with neither and becomes a city reliant on the superrich and the bums who live on the sidewalk, defecate there and inject needles.
Awww, that’s so sad.
If you're going to take, TAKE! Don't talk!
The reason for compensation inequality is basic inequality.
The lower earners are un equal. They just don’t measure up
This will cause more CEO’s to claim $1 a year salaries, just like Steve Jobs. Many of the richest CEO’s make most of their money through stock options and other investment vehicles provided by the companies they work for. Taxing against a salary really kills smaller businesses that are not publicly traded. This law really keeps the largest players in business and destroys all of the smaller players. This will have the opposite effect as intended, but most folks are ignorant of how economics works, so I say “oh well”.
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