Tax Excessive CEO Pay Act (S. 794)
This bill increases the current 21% income tax rate of corporations whose ratio of compensation of their principal executive officers or other highest compensated employees to median worker compensation is more than 50 to 1, in which case the increase is 0.5%. The pay ratio disparity extends from 100 to 1 to 500 to 1, in which case the increase is 5%. The bill exempts from such increase certain corporations based upon their average annual gross receipts.
Sponsor: Sen. Bernie Sanders (Independent, Vermont)
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Opponents say
• "These tax-and-spend proposals come on top of record-high inflation, a stealth tax that is hitting Americans from the gas station to grocery stores." Source: Sen. Mike Crapo (Republican, Idaho)
• "The corporate income tax is inefficient and economically destructive. Instead of increasing the corporate tax rate, Congress should reduce the tax burden on job creators or, ideally, repeal it entirely." Source: The Heritage Foundation
Proponents say
• "The American people understand that today we are 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…At a time of massive income and wealth inequality, 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." Source: Sen. Bernie Sanders (Independent, Vermont)
