A new ballot initiative called the Overpaid CEO Tax Ordinance has been cleared for signature-gathering, and it continues the same class warfare mindset that has already driven jobs, investment, and high-income taxpayers out of Los Angeles. 

The Los Angeles County Taxpayers Association (LACTA) opposes this costly and misguided proposal and will work to defeat it if it makes it to the ballot.

The initiative comes on the heels of LA’s costly “mansion tax,” which has already discouraged investment, slowed property sales, and pushed high-income residents and job creators out of the city. If the initiative becomes law, large companies with 300 or more employees could face substantial tax hikes, even though many are already paying some of the highest operating costs in the nation.

“The CEO tax is nothing more than another punitive tax designed to score political points while ignoring the billions already wasted on homelessness, housing, and broken infrastructure. This initiative will drive out employers, cost jobs, and leave the city with fewer resources to solve the very problems it claims to address,” said Aidan Chao, Chairman of the Los Angeles County Taxpayers Association.

LACTA urges community members to reject policies that punish success and deepen the city’s economic decline and instead take meaningful action to lower living costs and expand opportunity for all Angelenos.For more information, visit www.LA-Tax.org.