A union-backed San Francisco ballot measure that would have raised taxes on big businesses to bolster funding for cash-strapped city services has failed.
Proposition D, known by its supporters as the Overpaid CEO Act, was rejected by 53.6% of voters as of the latest tally Monday. The gap between yes and no votes narrowed slightly after election day, but the measure no longer has a path to succeed, even though more ballots are left to count.
Prop D would have raised a city tax on large companies with CEOs who earn more than 100 times the median pay of their workers. The measure would have also adjusted the way the tax is calculated so it was based on the compensation of all the affected businesses’ employees, not just those in San Francisco…