San Francisco could soon see a new tax targeting the city’s largest corporations, as a coalition of labor unions launched a signature-gathering drive to qualify the so-called Overpaid CEO Act for next year’s June primary.

Supporters said the measure could help prevent major cuts to city services by adding a small tax on the most profitable companies. Opponents warn it could drive businesses out of the city.

Organizers said the act is designed to take from the ultra-wealthy to help residents in need. Supporters pointed to people like Lester Bruens and his caregiver partner, Julie Fisher, as examples of San Franciscans who could benefit.

“There’s a lot of fear and worry over what might happen if this doesn’t pass and if we do have to face reduced income,” Fisher said.

Fisher is an In-Home Support Services (IHSS) caregiver for Bruens, who suffered a brain aneurysm in 2017. Medicaid currently covers his care, but some fear federal funding could be cut, placing a heavier financial burden on the city.

San Francisco is already projected to face an $800 million deficit for the next fiscal year.

“The uncertainty — not knowing how bad it might get —  casts a shadow over the day,” Fisher said.

Many community groups, unions, and elected leaders argue the only way to protect vital city services is to increase tax revenue. Volunteers are now collecting signatures to get the Overpaid CEO Act on the ballot.

“This is a very, very small percentage — actually, as a percentage, much smaller than what we’re asking them than what we’re asking regular San Franciscans who are going to be maybe paying a little more in a parcel tax or sales taxes,” said State Assemblymember Matt Haney.

Haney said the tax would apply only to corporations where top executives earn more than 100 times the median worker’s pay. It would target companies with over 1,000 employees and more than $1 billion in revenue. Organizers estimate the tax could generate over $200 million a year for San Francisco’s general fund.

“It is not on companies that are headquartered here. It’s not targeted at San Francisco-based companies. These are large companies that do business here, and will continue to do business here, maybe a company like Amazon that’s delivering you packages,” Haney said.

While the measure would affect only the largest corporations, opponents worry it could deter businesses and cost the city future jobs.

“This bill is about fairness, it’s not about just scaring our corporations away,” said Supervisor Chyanne Chen of District 11, who supports the measure.

“Being able to put this measure on the ballot would actually help the community, but also public services that are under attack,” said Sarah Perez, the San Francisco vice president of IFPTE Local 21.

For Bruens and Fisher, the tax represents a potential lifeline for some of San Francisco’s most vulnerable residents.

“I survived a brain aneurysm, and I’m doing all I can to keep moving forward the way things are. And when you take that away, it scares me,” Bruens said.

“If it passes, then all of us will be feeling a little bit relieved. It’s not going to solve everything, but it will get us over the current financial hump,” Fisher added.

Organizers need approximately 10,500 signatures to qualify the measure for the June primary ballot. They plan to collect signatures over the next two months and aim to submit them by the end of January.