Tax excessive CEO pay
At some companies, it would take the median worker 1,000 years to earn what the CEO makes in just 1 year. But out-of-control CEO pay while workers fight to survive shouldn’t be the norm.
Worker wages have largely stagnated since the 1970s, while the top 1 percent have more than doubled their share of the nation’s income. Corporate and banking executives make up about 2/3 of America’s top 1% households.
The Tax Excessive CEO Pay Act, introduced by Senator Bernie Sanders and Representatives Barbara Lee and Rashida Tlaib, would raise the corporate tax rate for any companies that pay their executive 50 times more than their typical workers. The bill begins with a 0.5 percent tax. The worst offending companies that pay their CEO more than 500 times their median workers would be taxed 5 percent.
Last year, the median Walmart employee made just under $22,000. Meanwhile, CEO Doug McMillon made $23.6 million. Starbucks CEO Kevin Johnson brought home $13.38 million-- 1,049 times the median worker.
It’s time companies shared the wealth with its workers, not just their CEOs.
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Companies that pay their CEO more than 50 times their median worker should be taxed for that imbalance. Pass the Tax Excessive CEO Pay Act, and incentivize sharing the wealth with workers.