Sup. Jane Kim announced today that she’s introducing legislation to increase business taxes for companies that pay their CEOs vastly more than the average worker.
Kim’s bill follows similar legislation in Portland, Oregon, which adds a modest surtax to companies whose CEO earns more than 100 times the pay of the median worker.
It’s a direct way to tax income inequality, and it would send a strong message if SF joined Portland.
This city doesn’t have to be as lenient as our friends to the North – we could set the standard at 25, not 100. And we could make the tax hit a bit higher.
The problem, of course, is that any new tax probably has to go on the ballot (unless the city attorney can figure out a way to make this a fee, not a tax), and even if there’s a special election in 2017, any tax measure would need a two-thirds vote.
Still: This is going to be very popular, especially in the Trump Era. And it would put SF in the forefront of what is going to be a national movement.