San Francisco Voters Reject 'Overpaid CEO' Tax Measure, Impacting City Budget Plans
San Francisco voters have rejected Proposition D, a measure aimed at increasing taxes on businesses where the top executive earns more than 100 times the median employee salary. The measure, known as the 'Overpaid CEO' tax, was defeated with approximately 53.6% of voters opposing it. Proposition D was introduced by labor unions to address the city's $600 million budget deficit, which has led to program cuts and layoffs under Mayor Daniel Lurie. Despite support from a supermajority of the Board of Supervisors, the measure faced strong opposition from business interests and tech leaders, who argued it could drive businesses away from the city. The campaign against the measure outspent its proponents significantly, with $5.8 million spent in opposition compared to $2.7 million in support. 
