The Overpaid Executive Tax pays for nurses, doctors & frontline emergency responders.
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The Pandemic isn’t over. Cities around the country are preparing for a spike in the curve by stocking up on medical equipment and hiring nurses, doctors, first responders, and other essential healthcare workers. San Francisco needs to be ready when the next wave hits.
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Our city economy has been seriously hurt by the economic shutdown. We’re facing a budget deficit of $1.7 billion dollars. The Overpaid Executive Tax is calculated to raise $140 million dollars every year, allowing the City to hire hundreds of nurses, doctors, first responders, and other essential healthcare workers.
Big companies will pay their fair share to help us recover.
San Francisco needs thousands more healthcare workers to meet our needs.
We believe that big companies that can afford to pay their executives million-dollar salaries every year can afford to pay their fair share in taxes to help us recover. Over the last 30 years, executive salaries in the United States have skyrocketed by 940%. But regular workers’ salaries have grown by just 11%.
COMMON SENSE TAX
The tax is simple. If the measure passes, any company that pays their top executive 100 times more than their average worker will have a 0.1% surcharge added to their annual business tax payment. The more inequity between the top executive and their workers, the higher the surcharge. If the top executive makes 200 times more than the average employee, then it’s a 0.2% surcharge; 300 times gets a 0.3% surcharge; and so on.
This measure not only raises much-needed funds to fix the cracks in our healthcare system, it also incentivizes companies to invest in their workers, not just their executives. Businesses can avoid the tax by paying their executives less or by simply raising their employees’ wages.