California’s socialists must feel like kids in a candy store this year. Any flavor of tax they’d like is being put on the menu. There is the wealth tax (which is literally asset-theft), an income-tax hike, and now, exclusively for San Franciscans: The “Overpaid CEO Act.”

The Overpaid CEO Act, a recently proposed ballot measure, is advertised as a way for voters to stick it to their greedy boss who sports a top hat, a cane, and is always running off with money-filled burlap sacks. Judging by its title, voters might think this tax would incentivize companies to redistribute revenue, raising wages of the average employee.

It will not.

Its purpose, in the words of SEIU Local 2015, California’s powerful home-care workers union (one of several unions supporting this bill, including government worker unions), is to “‘Trump-proof’ vital city services.” The measure supposedly intends to fund some of SF’s city services and stave off potential budget cuts. How will it do this? By jacking up the city’s Gross Receipts Tax (GRT) on eligible businesses. The eligibility requirements are as follows: the business must have over 1,000 employees nationwide, over $1 billion in revenue ($5 million within the city), and a CEO earning over 100x the pay of their median employee. As the CEO to median employee pay ratio increases (200:1, 300:1… 600:1) the tax rate increases. The highest proposed rate jacks up the additional GRT to 1.12%, nearly nine times the current rate.

The proposed tax increase would apply to many major retailers and tech companies operating within the city. There’s no evidence to support the idea that this type of tax reduces CEO pay and increases rank-and-file workers pay. Think about it: Would the CEO of Gap take a pay cut simply because of tax laws within SF? Of course not.

The measure has already gathered the required signatures to appear on SF’s June primary ballot.