San Francisco's Proposed CEO Tax Goes Down
Newser • • nation
Key Points:
- San Francisco voters rejected Proposition D, a proposed tax increase on companies with executives earning more than 100 times their median worker's pay, with about 53.6% voting against it.
- The measure, known as the "Overpaid CEO Tax," aimed to expand an existing levy by measuring pay disparities across all company employees, potentially raising $250 million to $300 million annually for city services.
- Opponents, including Mayor Daniel Lurie and tech leaders like Sergey Brin and DoorDash CEO Tony Xu, spent heavily to defeat the measure, warning it could lead to job losses and slow economic recovery.
- Supporters argued that rejecting the tax would result in budget cuts harming vulnerable populations dependent on public hospitals and city services.
- The outcome reflects a political shift in San Francisco, indicating a move toward more centrist positions despite the city's traditionally liberal reputation.