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San Francisco Supervisor Matt Haney during a Lath of Supervisors affair aftermost year. He alleged his CEO tax, which on Tuesday the lath absolutely placed on the November ballot, “much-needed acquirement antecedent to advice abode assets inequality.”
San Francisco companies with top admiral who rake in added than 100 times the bacon of their boilerplate agent would be accountable to a appropriate tax beneath a admeasurement burghal voters will accept or adios in November.
CONSTELLATION BRANDS, INC.
On Tuesday the San Francisco Lath of Supervisors voted absolutely to put the Charter alteration on the ballot. If the admeasurement passes — it requires a simple majority at the election box — it would accession advancement of $140 actor a year for the city.
The tax admeasurement was sponsored by Supervisor Matt Haney, who alleged it a “much-needed acquirement antecedent to advice abode assets inequality.” He said the added tax acquirement would acquiesce the burghal to appoint “hundreds of doctors, nurses, and first-responders.”
“It’s a actual simple, aboveboard tax measure,” Haney said. “Big companies that can allow to pay multimillion-dollar salaries every year can allow to pay added taxes.”
The angle states that if the top controlling of a aggregation earns 100 times that of the boilerplate artisan salary, the tax would be 0.1% of taxable gross receipts. If the top earner makes 200 times that of the boilerplate worker, the tax would bifold to 0.2%. At 300 times, it would jump to 0.3%, and so on up to 1,000 times, which would be burdened at 1%.
Rudy Gonzalez, controlling administrator of the San Francisco Labor Council, said the admeasurement could accept two disparate outcomes, both of which would account rank-and-file workers. It could alert companies to accession the accomplishment of their boilerplate workers so that the CEO’s advantage amalgamation dips beneath the 100:1 ratio. Or if companies accept to beforehand the 100-fold gap, it would accomplish tax acquirement to advice bank up burghal casework at a time back the burghal faces a $1.5 billion arrears over the abutting two years.
“Working bodies consistently buck the burden of a abatement or recessions,” Gonzalez said. “Any time we can beforehand accelerating taxation that speaks to assets inequality, it’s acceptable policy.”
The anticipation that the admeasurement could affect companies to accession workers assets could advice acceleration up accretion from the coronavirus-driven recession, Gonzalez said.
“If the ambition is to activate the economy, who does that best?” he asked. “A scattering of badly paid CEOs or bags of alive people? Everyone agrees that what works best is putting money in the pockets of workers.”
Jay Chang, accessible action administrator of the Chamber of Commerce, which opposes the tax increase, said that it would mostly aching companies already disturbing because of the coronavirus pandemic: hotels and retailers. The tax would hit the Gap, Williams-Sonoma, Levi’s, Target, Ross Dress For Less, as able-bodied as auberge chains like the InterContinental and the Fairmont, and absolute acreage companies like Accessible Storage, whose advisers are not top-earners. It would not hit tech companies like Twitter, Facebook or LinkedIn, area the boilerplate workers are about advantageous engineers.
The CEO tax is one of three taxes headed for the November ballot. The others are a gross receipts tax and a alteration tax on residential and bartering sales over $10 million.
“When we attending at the November ballot, what is apropos is that we accept all three tax measures accumulated up on top of anniversary other,” Chang said. “The affair is that all three calm is what is activity to advance the abridgement off the cliff.”
J.K. Dineen is a San Francisco Chronicle agents writer. Email: [email protected]
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