"If the "Overpaid CEO" initiative, which is backed by a coalition of public-sector unions, passes in June it will raise an estimated $200 million per year for the city by taxing companies with CEOs who earn 100 times more than the median income at their company. Lurie is against it. He told the San Francisco Chronicle's editorial board on Tuesday that labor and business would "spend millions upon millions of dollars attacking each other in June and dividing our city again.""
"But most others are lining up behind it - moderate and progressive alike. Connie Chan, Jackie Fielder, Chyanne Chen, and Shamann Walton are joining many of the mayor's allies on the board, namely Bilal Mahmood, Danny Sauter, Alan Wong, and swing vote Myrna Melgar. Mahmood celebrated the measure at a rally on Wednesday and pointed to the need: "$400 million in federal dollars is how much will be cut from San Francisco by the Big Ugly Bill.""
A proposed "Overpaid CEO" initiative would tax companies whose CEOs earn 100 times the median company income, generating an estimated $200 million per year. The measure is backed by public-sector unions and supported by a majority of supervisors as a way to avoid deep budget cuts. Mayor Daniel Lurie opposes placing the measure on the ballot, warning that labor and business would spend heavily and deepen city divisions. A federal funding cut has increased the city's projected deficit toward a billion dollars, intensifying pressure to find revenue or reduce services.
Read at Mission Local
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