Property Owners and Big Businesses Will be Part of an Effort to “Level the Playing Field” in Terms of Taxes
Property Owners and big businesses with CEOs will pay far higher taxes than their average workers. Moreover, San Francisco voters overwhelmingly have approved several tax measures in an effort to address the economic disparity exposed by the Corona Virus.
Property Owners, Top Executives, and CEOs Astronomical Wages will be Severely Taxed at Much Higher Rates
This new law affects any company whose top executive earns 100 times more than their regular worker who will pay an extra 0.1% surcharge on its annual business tax payment. Therefore, if a CEO makes 200 times more than the standard employee, the surcharge will increase to 0.2%; 300 times gets a 0.3% surcharge and so on.
Sweeping Tax Changes Leading to Higher Tax Rate
Moreover, voters also agreed to sweeping business tax changes. Therefore, these will lead to a higher tax rate for many tech companies. There is a higher transfer tax on property sales valued between $10 million and $25 million.
The Wealthy Have to Pay the Price
“We’re not gonna shed any tears if penthouse dwellers have to cough up,” the San Francisco League of Pissed Off Voters wrote in its voter guide.
Property Owners Have Made a Financial Killing During the Pandemic
Moreover, San Franciscans are concerned about growing economic inequality,” city Supervisor Matt Haney, the author of the measure titled the “Overpaid Executive Tax,” said Wednesday. In turn, the very wealthy are gaining more and more. They’ve gotten much richer during the COVID-19 pandemic while everyone else has remained stagnant.”
Property Managers and More: Share the Wealth!
As a result, the wealth generated in the city share be shared more widely shared with workers and residents,” he said.
Critics Call Foul Raising Taxes During a Recession
As a result, a blatant attempt at redistribution of wealth and criticized raising business taxes in the middle of a recession, Critics call this surcharge.