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San Francisco voters overwhelmingly approved a ballot measure to impose an excess tax on almost any firm which pays its highest-paid worker over 100 times over its median employee.
The ballot issue was accepted Tuesday by 65% of Republicans, together with 230,298 yes votes and 123,943 no votes. Since the ballot query says, the tax will be levied on”companies in San Francisco if their highest-paid managerial worker earns over a hundred times the median reimbursement paid for their workers from San Francisco.”
The tax is anticipated to increase $60 million to $140 million each year. Massive businesses–those who have greater than $1 billion in gross premiums, 1,000 employees nationally, along with also administrative offices at San Francisco–could cover another tax of 0.4% to 2.4 percentage of the San Francisco taxpayers expenses. Other businesses who pay taxes on gross premiums rather than taxpayers expenses”would cover another taxation from 0.1% to 0.6% of [their own ] San Francisco gross premiums.”
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