Local Ballot. “Overpaid Executive tax”

Where: San Francisco

The voter approval rate: 65%

The goal of the tax:  address income inequality in the city

When does the tax apply? “businesses in San Francisco where the highest-paid executive employee earns more than 100 times the median pay level for the company’s employees in the city”

What will be the applicable tax rate of this surcharge tax? “0.1% and 0.6% of a business’ San Francisco gross receipts, with the rate rising in steps as a company’s pay gap grows beyond the 100-times-median-pay threshold.”

The anticipated revenue: $60 million to $140 million annually

Does a similar tax elsewhere: Yes, Portland, OR has collected a similar tax since 2017

Rute Fifty | San Francisco Voters Approve ‘Overpaid Executive Tax’