Sanders introduces legislation to tax excessive CEO pay

[Uncle Joe]

(snip)

A recent report from the Institute for Policy Studies found that 80 percent of S&P 500 companies paid their CEO over 100 times their median employee pay last year. At 50 publicly traded companies, employees would have to work at least 1,000 years to make as much as their boss made in just one.

“The pay gap between major corporations' executives and their workers is beyond unjust,” Lee tweeted. “There is no reason for the CEOs of @McDonalds, @Walmart, and @Disney to earn upwards of 1000x more than their average employee. It's time to #TaxCEOs. The average CEO in 1970 made 20 to 30 times more than their average employees, but today that number has ballooned to upwards of 300 times more. This is outrageous! It's time to #TaxCEOPay and ensure everyone earns a fair wage.”

(snip)

A group of labor unions and progressive organizations, including the AFL-CIO and the Communications Workers of America, wrote a letter in support of the bill on Wednesday. “The more corporations channel into executives’ pockets, the less they have for wages and other investments,” they wrote. “By putting a tax penalty on corporations with extreme pay gaps, the bill would give corporations an incentive to narrow their divides by lifting up the bottom and bringing down the top of their pay scale.”

The Institute for Policy Studies also pointed to efforts to impose tax penalties on excessive CEO pay in some cities and states. Portland, Oregon became the first jurisdiction last year to begin collecting revenue from a CEO pay gap tax, and San Francisco voters will find a proposal for such a tax on their ballots next March. Policymakers in seven state legislatures have also introduced similar proposals. The new legislation builds on a plan the Sanders presidential campaign unveiled in September.

https://www.accountingtoday.com/news/sanders-lee-and-tlaib-introduce-legislation-to-tax-excessive-ceo-pay

[George II]

1. You already posted this about 2 hours ago:

https://www.democraticunderground.com/1287345716

[Uncle Joe]

2. New source, more information on the bill and local history of like laws. n/t

[guillaumeb]

3. Recommended, and thank you for the updated information.

Sanders is helping to frame the issues, and what counts as issues.

The corporate media prefers to interview Trump voters among the working class.

[mvd]

4. K&R

How amazing to hear billionaires complain about wealth taxes and excessive pay taxes when people like me are just struggling to get by. I changed back to undecided because my heart is still with Sanders.