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.”
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