Location of Charlie Kirk suspect's boyfriend revealed — as family shares lovers' descent into delusion before killing But local business leaders told The Post that the proposal is another step down a familiar — and risky — fiscal path for the city. “When that revenue stream falters, the reflexive response is always the same: tax businesses again,” said George Francisco, co-chair of the LA BizFed Responsible Governance Committee and board chair of the Westside Council of Chambers of Commerce. “That approach hasn’t fixed fiscal mismanagement or corruption, and it hasn’t delivered the services residents are paying for.” Unite Here Local 11 — who backs the proposal — supported DSA LA City Council members including Eunisses Hernandez. Eunisses Hernandez He said Los Angeles specifically and California in general already rely on what he called an “inverted pyramid” tax system — where a small number of high earners and large employers bankroll the bulk of public services. He likened the proposed CEO tax to efforts aimed at billionaires in the state, arguing such tactics have failed to stabilize California’s finances in the past, since they have led to investment and jobs moving to financially friendlier states. Musk himself pulled Tesla and SpaceX out of California and moved them to Texas in 2024. Some argue tactics like the CEO tax drive investment out of the state. Musk himself moved SpaceX and Tesla out of California in 2024. AFP via Getty Images “To anyone who’s been watching long enough, this is how a billionaire tax becomes a millionaire tax … then a tax on everyone else,” Francisco said of the left’s latest proposed wealth attack. “The hits just keep coming.” Unite Here Local 11 has been a key backer of Democratic Socialists of America–aligned city council members, including Eunisses Hernandez (CD1) and Hugo Soto-Martínez (CD13), both elected on aggressive labor platforms with heavy union support. Those same forces helped drive the City Council’s 2023 vote to raise the minimum wage for hotel and airport workers to $30 an hour by 2028 — a move unions branded an “Olympic wage” ahead of the 2028 Games. To the north, San Francisco voters approved a similar CEO tax last year, imposing a surcharge on companies whose top executives earn vastly more than their workers — a move that has also sparked warnings from business leaders there about reduced hiring and investment. To qualify for the November ballot, backers in Los Angeles have 120 days to collect roughly 140,000 valid signatures from registered city voters. Filed under