San Francisco Voters Reject Measure D to Expand CEO Pay Tax
San Francisco voters rejected Measure D, a ballot initiative that would have expanded the city's CEO pay ratio tax and increased rates on large companies, with 53.64% voting no. The measure would have changed how executive compensation is calculated and potentially generated $250-$300 million annually. Opponents argued it could drive employers away from the city during efforts to revitalize downtown.
Voters in San Francisco rejected Measure D, which sought to expand the city's existing CEO pay ratio tax that applies to companies where top executives earn more than 100 times the median worker compensation. The measure would have changed the tax calculation to compare executive pay against a company's entire workforce rather than only San Francisco-based employees, while also increasing tax rates to between 0.183%-1.121% of gross receipts or 0.75%-4.47% of San Francisco payroll expenses. Proponents estimated the measure would generate $250-$300 million in annual revenue. Opponents, including Mayor Daniel Lurie and Supervisor Matt Dorsey, argued the tax could drive employers away from San Francisco and undermine efforts to attract investment and revitalize the downtown area. The measure failed with 53.64% voting against it and 46.36% in favor.
What's missing
The article does not provide the final official vote count or certification status from the San Francisco Department of Elections, noting only that the data 'showed' these percentages without specifying whether this represents final results or provisional counts.
What different sources said
- BreitbartFar Right
San Francisco: Measure to Hike Taxes on Large Companies Flops with Voters
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