Sign the petition: Tax excessive CEO salaries. Combat extreme income inequality
The average CEO at a Fortune 500 firm today makes close to $20 million per year—200-300x the average pay of their typical workers.
This income disparity has driven the U.S. into a crisis, with rising poverty, extreme wealth inequality, and wage stagnation, which all disproportionately affect people of color.
It would take a lifetime—100 years—for the average employee to earn what their CEO makes in a year.
And at the 50 publicly traded U.S. corporations with the widest pay gaps in 2018, the typical employee would have to work at least 1,000 years to earn what their CEO made in just one year.
While lavishing extravagant wealth on their top executives, many of these corporations pay their workers poverty wages, forcing workers to rely on taxpayer-funded social services, like public housing, SNAP and Medicaid. This means the average taxpayer is subsidizing corporate greed, all while working families struggle to put food on the table.
How do we address this outrageous injustice?
The Tax Excessive CEO Pay Act, introduced by Sen. Bernie Sanders, Rep. Rashida Tlaib, and Rep. Barbara Lee, would pressure such corporations to close the pay gap between CEOs and working people by applying a higher corporate tax rate if they pay their CEOs more than 50x the median worker. The wider the pay gap, the higher the tax penalty.
This legislation would raise roughly $150 billion over 10 years, which could be used for essential public services like healthcare and education. It would also require the Treasury Department to prevent corporate tax avoidance, and it would require privately held corporations to make public their pay-ratio data.
It is time we put an end to the largest wealth gap in existence!
Become a grassroots co-signer of the Tax Excessive CEO Pay Act to address rising levels of income and wealth inequality.
— Sen. Bernie Sanders
“Corporate greed is a disease that has long inflicted this country....“In 2018, for example, General Motors’ CEO made nearly 300 times more than the median income of an employee there. We have had enough.” — Rep. Rashida Tlaib
“It is unjust and unacceptable that the CEOs of major corporations are making an average of 287 times more than their average worker – with some CEOs making upwards of 1000 times more.” — Rep. Barbara Lee
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