"Sen. Bernie Sanders (I-Vt.) and Rep. Rashida Tlaib (D-Mich.) on Monday introduced the Tax Excessive CEO Pay Act with the aim of raising taxes on companies that pay their executives more than 50 times their workers' wages. The legislation would impose penalties starting at 0.5 percentage points for companies with CEO-to-worker pay ratios between 50-to-1 and 100-to-1. Firms where executives make more than 500 times their workers' pay would be forced to pay the highest rate."
"The bill would also require the U.S. Treasury Department to crack down on tax avoidance, including schemes that disguise pay disparities by outsourcing jobs to contractors. Sanders said that exorbitant CEO pay and massive pay gaps at corporations are intolerable "while 60% of Americans live paycheck to paycheck and millions work longer hours for lower wages.""
""It is unacceptable that the CEOs of the largest low-wage corporations make more than 630 times what their average workers make," said the senator, who has been criss-crossing the country this year with his Fighting Oligarchy Tour, galvanizing people in red and blue districts against wealth inequality, political corruption, and corporate power."
Elon Musk approaches trillionaire status while lawmakers push to curb extreme executive pay. The Tax Excessive CEO Pay Act would raise taxes on companies whose CEOs earn more than 50 times typical worker wages, with penalties beginning at 0.5 percentage points for 50-to-1 to 100-to-1 ratios and steeper rates for far larger gaps, including over 500-to-1. The bill would direct the U.S. Treasury to address tax-avoidance tactics that hide pay disparities, such as outsourcing jobs to contractors. The measure highlights that roughly 60% of Americans live paycheck to paycheck and that some CEOs earn more than 630 times average workers.
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