San Francisco voters approve taxes on highly paid CEOs, big businesses

Re:San Francisco voters approve taxes on highly paid CEOs, b... by jedberg on Thursday November 05, 2020 @04:07PM (#25001986)

The law says any company operating in SF, which would include FB and Google, who have offices there.

Also the law says all compensation, including stocks and bonuses. So Zuck would definitely qualify.

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Re:San Francisco voters approve taxes on highly paid CEOs, b... by csomar on Thursday November 05, 2020 @04:13PM (#25002036)

Thanks for the clarification. But any company operating in SF is a bit crazy. So if a bank has a branch/office in SF, then it's liable for this tax? For all their gross income or just for the income generated within city boundaries?

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Re:San Francisco voters approve taxes on highly paid CEOs, b... by jedberg on Thursday November 05, 2020 @04:15PM (#25002056)

The law says just money they make in the city. But it's kind of vague and I'm sure there will be a lot of debate between the companies and the city about how much they are making in the city.

The medium size businesses that only operate in SF will be screwed the worst.

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Re:San Francisco voters approve taxes on highly paid CEOs, b... by smsm42 on Thursday November 05, 2020 @07:14PM (#25003549)

I foresee some real estate companies that have office buildings just next to SF municipal border are going to make a nice profit.

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Re:San Francisco voters approve taxes on highly paid CEOs, b... by CountSessine on Thursday November 05, 2020 @04:19PM (#25002091)

The law says any company operating in SF, which would include FB and Google, who have offices there.

Very interesting, but, does that mean that execs who don't personally work in SF are subject to the tax? Ie, will Citibank's Michael Corbat, working out of Citigroup's New York offices, need to pay the tax because Citibank has bank branches in SF?

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Re:San Francisco voters approve taxes on highly paid CEOs, b... by jedberg on Thursday November 05, 2020 @04:21PM (#25002111)

I'm not a lawyer or accountant, but my layman's reading of the law says it is a tax on gross receipts for the company in San Francisco, not the CEO directly. But applies if anyone who works for the company makes more than 100x the median.

I'm really not sure how they plan to enforce this at all.

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