Opponents of the 'Overpaid CEO Tax' proposal say it would drive companies away. - BY NOAH GOLDBERGA group of Los Angeles labor unions is proposing a ballot measure they say would combat income inequality in the city by raising taxes on companies whose chief executives make at least 50 times more than their median-paid employee. The so-called Overpaid CEO Tax initiative was announced Wednesday at a rally outside Elon Musk’s Tesla Diner in West Hollywood, and featured union workers holding signs that read “Taxing greed to pay for what we need,” and a cartoon cutout of a boss carrying money bags and puffing a fat cigar. “It's high time the rich paid more taxes,” said Kurt Petersen, co-president of Unite Here Local 11, which represents airport and hotel employees. The proposal is sponsored by the Fair Games Coalition, a collection of labor groups that includes the Los Angeles teachers union, and comes on the heels of a statewide ballot proposal for a onetime 5% wealth tax on California billionaires that would raise money for healthcare for the most vulnerable residents.

Source: Los Angeles Times January 16, 2026 09:49 UTC