San Fran passed new "Overpaid Executive" Tax

mogley98

Passed a tax where companies will have to pay an additional tax of 0.1% to 0.6% of gross receipts or 0.4% to 2.4% of payroll expenses if their top executive pay is more than 100 times employee pay. Only companies with gross receipts over $1.17 million will be targeted.

My math is horrible but I figure thats at least 10K on the smallest impacted company. If I owned a company in San Fran I would be looking to strategically move my headquarters

BobJudy

I saw that the other day. The mayors projections were that it would raise an extra 140 million bucks for the city per year. In other words they don't care about social justice, just about transfer of wealth to the local government. In fact they are probably hoping that the top executive salaries don't change so the cities coffers can keep getting replenished. Bob

bpost

Good, glad to see State government taxing rich folks in California.  Overpaid (D) voting snot nosed brats must pay the State a fair share for earning their racist money.  Overpaid (D) voting scum don't contribute value to a society.  Most of them make stupid video games or apps that rot kids brains.  Hollyweirdos make millions from being fake for a living, they need to pay at least 20% more in taxes as a general principle.

California, New York, Michigan and Washington states need broken up because the (D) voting population centers invalidate their fellow citizens.  Create new states to give people a bigger voice.

gruntled2

mogley98 said:

Passed a tax where companies will have to pay an additional tax of 0.1% to 0.6% of gross receipts or 0.4% to 2.4% of payroll expenses if their top executive pay is more than 100 times employee pay. Only companies with gross receipts over $1.17 million will be targeted.

My math is horrible but I figure thats at least 10K on the smallest impacted company. If I owned a company in San Fran I would be looking to strategically move my headquarters

Which of course means LESS total taxes. Will they never learn? I don't really oppose the idea but one city can't do it alone.. It just occurred to me the devil would be in the details. Are you using hourly pay, weekly pay, annual pay, take home pay & what about benefits? Free car, home, club memberships, retirement, golden parachutes bonuses, vacations., stock options etc. To get exec hourly pay do you assume 40 hr wk or do you say they are on call 24/7?

hillbille

seems they will just lower salary and give them bigger bonuses.......

jimdeere

Yes, those executives aren’t stupid. They’ll figure a way around it.

Rocky Raab

Idiots. Instead of taxing executives (of which there are not that many) they ought to tax the legions of big ticket lawyers.

Never happen, of course, since most politicians ARE big-ticket lawyers.

spasmcreeksrun

GOD himself cannot figure out all the ways for these bozos to make new taxes

chiefr

Good, they can probably use the money to clean all the homeless poop they seem to attract.

Sam06

One more reason to leave SF.

mohawk600

That is why Kali companies are moving to Texas.