San Francisco voters overwhelmingly permitted a poll measure to impose an additional tax on any massive firm that pays its highest-paid worker over 100 occasions greater than its median employee.
The poll query was permitted Tuesday by 65 p.c of voters, with 230,298 sure votes and 123,943 no votes. Because the poll query states, the brand new tax is to be imposed on “companies in San Francisco when their highest-paid managerial worker earns greater than 100 occasions the median compensation paid to their workers in San Francisco.”
The tax is predicted to lift $60 million to $140 million per 12 months. Giant companies—these with over $1 billion in gross receipts, 1,000 workers nationwide, and administrative workplaces in San Francisco—would pay a further tax of 0.four p.c to 2.four p.c of their San Francisco payroll bills. Different companies that pay taxes on gross receipts as a substitute of payroll bills “would pay a further tax from 0.1 p.c to 0.6 p.c of [their] San Francisco gross receipts.”
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