COVID Local Tax Response.

Which city? San Francisco

What tax is being proposed? The Overpaid Executive tax

Does it require voter approval? Yes

How will the Overpaid Executive tax apply? A company would pay the tax when these conditions are met:

• The company’s highest-paid executive earns more than 100 times
• The median amount paid to the San Francisco based company employees

What is the COVID connection? San Francisco has lower revenue estimates due to COVID and this tax is estimated to raise between $60 million and $140 million annually

Do other city’s impose similar taxes? Yes, Portland Oregon imposes a pay ratio surtax

Route 50 | San Francisco Voters to Decide on Taxing Companies With Outsized Executive Pay