Ballot fight over hiking overpaid executive tax is getting costly, divisive
With a huge city deficit looming amid federal budget cuts, the fight over two ballot measures that are competing over whether to raise or cut certain San Francisco business taxes is turning out to be expensive and divisive.
This month alone, wealthy individuals and companies have poured more than $300,000 into the Protect San Francisco’s Small Businesses and Economic Recovery committee, a San Francisco Chamber of Commerce-led effort to defeat Proposition D, a union-backed measure that would increase The City’s Overpaid Executive Gross Receipts Tax by about 800%.
Of that money, $250,000 came in this week, including $200,000 from Chris Larsen, the executive chairman of the blockchain-software firm Ripple.
The labor-led Stand Up for SF coalition says that raising the tax — also called the Top Executive Pay Tax — would generate an estimated $250 million to $300 million that is desperately needed to prevent cuts to public services because of funding reductions to medical, food and other programs instituted by President Donald Trump’s administration.
https://www.sfexaminer.com/news/politics/overpaid-executive-tax-hike-ballot-fight-is-divisive-costly/article_7e83cc44-0020-48ed-95c5-af1d4a6df76c.html