"Overpaid Executive Tax"

Following in Portland, Oregon’s footsteps, San Francisco voters in November 2020 overwhelmingly approved Ballot Measure L which imposes an “Overpaid Executive Tax” (OET) on certain privately held and publicly-traded businesses. Details of the Overpaid Executives Gross Receipt Tax are covered in detail in the link in the previous sentence.

While the Portland OET applies only to executives of publicly-traded companies, the San Francisco OET will apply to both publicly-traded and privately-held companies that pay their highest-paid employee 100 times more than their median worker.

The San Francisco OET goes into effect with the tax year beginning January 1, 2022. Estimates place the increased revenue to be generated by the OET at $60 million to $140 million.

Source: http://www.leimbergservices.com