News for hackers. Stuff that matters.

A comment on San Francisco voters approve taxes on highly paid CEOs, big businesses. Parent comment

Re:San Francisco voters approve taxes on highly paid CEOs, b... by kansface on Thursday November 05, 2020 @04:10PM (#25002011)
> if SF wants to tax excessive income disparity, I say, fair enough.

None of the billionaires here made that money from their salary. This will not touch them at all.

> If they do leave, I don't see that as a bad thing.

Chasing away jobs and the tax base will not end well. There is a decent chance SF enters a financial death spiral from its pension obligations. At the very least, massive cuts are in order. SF will not be transformed magically back to the year 2005, but it could very well wind up back in the 70s.

[ Parent | on HN ]
Re:San Francisco voters approve taxes on highly paid CEOs, b... by singron on Thursday November 05, 2020 @04:29PM (#25002181)
The text of the measure refers to "compensation", of which it gives a specific definition that includes commissions, bonuses, and equity (specifically mentioning stock options). The $1 salary CEO isn't excluded if they also have a huge equity package.

Although it doesn't mention capital gains, so if the CEO owns a significant part of their company already and doesn't have an additional vesting schedule, then they could make personal income from appreciation of the business that wouldn't be counted towards this bill.

[ Parent | on HN ]
Re:San Francisco voters approve taxes on highly paid CEOs, b... by kansface on Thursday November 05, 2020 @07:15PM (#25003556)
Our billionaires are billionaires from their ownership stakes in the companies they founded. For instance, Jeff Besos only makes ~2 million per year in total compensation! He would pay no more in taxes if he were to move to SF (from this particular bill, anyway).
[ Parent | on HN ]
Re:San Francisco voters approve taxes on highly paid CEOs, b... by kangaroozach on Thursday November 05, 2020 @05:17PM (#25002685)
Paper gains are not realized gains. So it’s all about timing. At what point in time do they check to do the math?
[ Parent | on HN ]
Re:San Francisco voters approve taxes on highly paid CEOs, b... by duhuh on Thursday November 05, 2020 @04:28PM (#25002178)
That’s fine. The SF people think is SF, that used to be SF, does really well with 700,000 people and everyone with a shitty job.
[ Parent | on HN ]