New York’s spectacularly stupid decision to severely restrict cash bail for many crimes seemed to be the gold standard of idiotic legislation. The Law of Unintended Consequences had to go to the emergency room for treatment of raging Schadenboner.
But California would not be denied! San Francisco has raised the stakes with their solid entry into the “How can you possibly be this stupid” sweepstakes.
San Francisco Voters To Decide ‘Overpaid CEO Tax’
Here is the author, who clearly was educated in California and probably dropped on his head a few too many times:
I authored Prop L, the Overpaid Executive Tax, to put a surcharge on these companies who pay their top executives millions in salaries while underpaying their workers. This will allow us to hire hundreds of health care workers, nurses, doctors and emergency responders.
Read the article and notice that the math is pathetic. A cursory calculation of “hundreds” (let’s define that as 300) of workers means that the tax will have to raise about $60,000,000/year assuming $200,000/year/worker. But if the tax is 0.1% of gross receipts, then the companies exposed to the tax would need to total $60,000,000,000 in gross receipts. Yes, that is $60-billion. With a “B.”
But companies actually earn far less than their gross receipts. Most of that money is plowed right back into the company for salaries and raw materials and rent and other costs of doing business. Imagine a company that has a bad year and has no profit. Are they still on the hook for that 0.1% And some industries operate on much smaller margins (supermarkets are famous for their razor-thin margins), so barely profitable businesses will actually be worse off than higher-margin segments!
Piling on additional costs during difficult times is so typical of the leftist mindset. It is simply part of their politics of division, where they cut business owners from the herd and stone them in the village square. And when that is insufficient to satisfy the mob and pay for bloated government, they will move on to new targets.
Who is next? People with more than one television? People with cars? People who are not members of a marginalized community?
Will there be toll booths at every entrance to San Francisco, where each person gives a DNA sample and is charged based on his percentage of White/European/Protestant/Jewish blood?