Send a Tweet
Most Popular Choices
Share on Facebook 30 Share on Twitter 2 Printer Friendly Page More Sharing
OpEdNews Op Eds    H2'ed 3/17/21

Sanders Bill Will Hike Taxes on Big Corporations That Pay CEOs Over 50 Times More Than Median Workers

By       (Page 1 of 2 pages)   1 comment
Message Common Dreams

See original here

By Jake Johnson, staff writer

"Walmart, which pays its CEO nearly 1,000 times more than its average worker, would pay up to $855 million more in taxes."

Bernie Sanders
Bernie Sanders
(Image by Gage Skidmore from flickr)
  Details   DMCA

Sen. Bernie Sanders of Vermont on Wednesday unveiled legislation that would hike taxes on large corporations that pay their CEOs over 50 times more than the median worker, an effort to combat the decades-long trend of skyrocketing inequality in the United States.

Under the Tax Excessive CEO Pay Act (pdf), the "corporate tax rate would increase by 0.5% for those companies reporting a [CEO-to-median-worker pay] ratio of 50 to 1, and grow to a rate of 5% for those companies reporting a ratio of 500 to 1 or higher," according to a summary of the proposal released by Sanders' office.

"The bill also requires the Treasury Department to issue regulations to prevent tax avoidance, including against companies that increase the use of contractors rather than employees," the summary notes. "Pay-ratio data for privately held corporations would also be made public, just as publicly held corporations are required to make public under current law."

In a statement, Sanders warned that the United States is "moving toward an oligarchic form of society where the very rich are doing phenomenally well, and working families are struggling in a way that we have not seen since the Great Depression" due to the coronavirus pandemic and resulting economic crisis.

"At a time of massive income and wealth inequality," Sanders said, "the American people are demanding that large, profitable corporations pay their fair share of taxes and treat their employees with the dignity and respect they deserve. That is what this legislation will begin to do."

The Vermont senator's new legislationco-sponsored in the Senate by Sens. Elizabeth Warren (D-Mass.), Ed Markey (D-Mass.), and Chris Van Hollen (D-Md.) came as he presided over budget committee hearing Wednesday that will focus primarily on wealth and income inequality.

Amazon CEO Jeff Bezos, the wealthiest person on the planet, declined Sanders' invitation to attend the hearing, which also featured testimony from an Amazon employee who works at the Bessemer, Alabama fulfillment center that's currently in the middle of a closely watched and potentially groundbreaking union drive.

"I intend to talk about the most important issues facing working families," Sanders told the Wall Street Journal ahead of the hearing. "Right now, I happen to believe that this country is on its way to an oligarchy."

According to Sanders' office, the new legislation would bring the federal government around $150 billion in revenue over a decade if current corporate pay patterns continue.

Next Page  1  |  2

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).

Rate It | View Ratings

Common Dreams Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in is a progressive publisher
Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Drone Papers: Leaked Military Documents Expose US "Assassination Complex"

WH Stenographer Who Resigned in Protest: Trump's "Not Even Trying to Tell the Truth"

'Smoking Gun': White House Finally Admits Bannon and Kobach Were Racist Minds Behind Scheme to Rig 2020 Census

Food Lobby Colossus Sues Vermont over GMO 'Right to Know'

Here Are the 19 Senate Democrats Still Not Committed to Defending Net Neutrality

Bernie Sanders May Run for President in 2016

To View Comments or Join the Conversation:

Tell A Friend