Overview
- A new Institute for Policy Studies analysis says donors to the campaign against Proposition D include firms with extreme CEO-to-worker pay ratios such as Gap at 1,690 to 1 and Williams-Sonoma at 1,062 to 1.
- Proposition D, branded the Overpaid CEO Tax, would base the pay-gap ratio on a company’s global workforce and raise an executive-pay surcharge to about 0.2% to 1.1% of San Francisco gross receipts for companies over a 100 to 1 ratio.
- The city controller estimates Proposition D would generate $250 million to $300 million a year for the general fund.
- Proposition C, backed by business groups, would raise the small-business exemption threshold to $7.5 million in annual San Francisco revenue and keep the lower executive-pay surcharge, which the controller projects would cut annual revenue by $30 million to $40 million.
- The contest plays out as City Hall faces a projected $936 million shortfall over two years, with unions warning of service cuts and layoffs if new revenue fails to materialize.