SAN FRANCISCO (CBS SF) – San Francisco voters concerned about economic disparity have overwhelmingly approved several tax measures targeting landlords and big businesses whose CEOs earn far more than their average workers.

Proposition L passed Tuesday, and slaps a 0.1% business tax surcharge on any company that pays its top executive 100 times more than its average worker. The surcharge doubles if the pay disparity is 200 times; triples for 300 times and so on.

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Voters also passed Proposition I, ushering in sweeping changes that will mean a higher tax rate for many tech companies and a higher transfer tax on property sales valued between $10 million and $25 million.

“The very wealthy are gaining more and more. They’ve gotten much richer during the pandemic, while everyone else has remained stagnant,” said city Supervisor Matt Haney.

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He authored the measure titled the “Overpaid Executive Tax,” which sought to balance the growing disparity between wealthy tech executives and lower-paid service workers.

Critics called the surcharge a blatant attempt at redistribution of wealth and criticized raising business taxes in the middle of a recession.

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