Wednesday, June 17, 2020

San Francisco City Superintendents Want Wacky "Overpaid Executive Tax"

The People's Republic of San Francisco City Supervisor Matt Haney on Tuesday introduced a charter amendment to tax large San Francisco companies that pay their CEOs rates signifiantly higher than their average workers.

The Overpaid Executive Tax amendment will be placed on the November 2020 ballot, asking voters whether to tax corporations that pay their CEOs 100 times more than their average worker a surcharge on their annual business tax payment.

According to Haney, the higher the inequity, the higher the surcharge. The company of a top executive receiving 200 times the pay of an average worker would have to pay a 0.2 percent surcharge.

How nutty can you get?

Wouldn't this just provide an incentive for firms to eliminate as many low wage workers as they can so that the average pay of workers is closer to that of the top exec?

Wouldn't it also discourage low-profit margin firms who hire a lot of low paid workers to not enter the SF market?

This is what you get when you mix hate of capitalism with shallow, confused thinking.


No comments:

Post a Comment