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Committee advances amended CEO‑surtax proposal aimed at funding frontline services
Summary
The Budget & Finance Committee on July 16 approved amendments to an overpaid‑executive (CEO) surtax initiative that would levy a rising surcharge based on the ratio of top executive pay to median local pay, and continued the item to the next regular meeting for further consideration.
The Budget & Finance Committee advanced an amended version of Supervisor Matt Haney’s overpaid‑executive surtax on July 16, approving sponsor‑proposed clarifications and moving the measure to the next regular committee meeting.
The proposal would impose a modest surcharge on businesses whose highest‑paid managerial employee earns a very large multiple of the firm’s median pay for workers based in San Francisco. The surcharge rate would start at 0.1% for a 100:1 ratio and scale up (0.2%…
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