On Wednesday, Sanders and other progressive lawmakers announced legislation that would raise taxes on companies that pay their CEOs at least 50 times more than the average worker, giving companies a choice between closing the wage gap or paying their “fair share” in taxes.
In 1980, CEOs of major companies made an average of 42 times more money than the typical worker, but since 2000, CEOs have made an average of 350 times more than their typical employee, according to testimony submitted to the Senate budget committee by Sarah Anderson of the Institute for Policy Studies. The wage gap ballooned in the 1990s, when employee wages stagnated and executive pay exploded as more companies offered their CEOs compensation in stock.
Anderson told the budget committee that, over the past few decades, jobs were outsourced to other countries while millions of others were turned into low-wage, part-time work without benefits, leaving families across the country vulnerable when the pandemic hit. Even with COVID relief from the government, millions of families have gone hungry during the pandemic, and nearly one in five of renters fell behind on rent within nine months.
“This growing pay divide has been a significant driver of gender and racial disparities,” Anderson said in her prepared remarks. “Women and people of color make up a disproportionately large share of today’s low-wage workers and a distressingly tiny share of corporate leaders.”
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction