Okay so, big news from City Hall. You know that CEO tax the City passed a few years back? The one meant to help fund homeless services? Well, it’s back in the spotlight, and not in a good way for some of these companies.
### The CEO Tax Fight Just Got Real
Turns out, a new analysis dropped showing that the firms pushing hardest to fight this CEO tax? They've got some *hella* huge pay gaps between their top execs and their average workers. We're talking about companies where the CEO makes, like, hundreds of times more than their median employee. This analysis, released Friday, May 2nd, really throws a wrench into their argument that the tax is unfair or bad for business. It makes you wonder if they're more concerned about their bottom line or about, you know, equity.
The tax, officially called the Homelessness Gross Receipts Tax, was passed in 2020. It adds a small surcharge on companies where the highest-paid executive earns more than 100 times the median wage of their San Francisco-based employees. The goal was to generate around $60 million annually for supportive housing and mental health services. So this whole situation? It just underscores the deep divides we still see, even as tech companies keep rolling in and out of those old Victorian buildings.
What happens next? Expect more back-and-forth. These firms aren't just going to roll over.
That's the City, fam — fog, hills, and all.
Vivian Leung, MiTL Sports Desk
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