Bernie Sanders, Democrats Targeting ‘Excessive CEO Pay’ in New Bill

2024-01-22 16:00:19

Democrat Sens. Bernie Sanders, Ed Markey, Chris Van Hollen, Elizabeth Warren and Reps. Barbara Lee and Rashida Tlaib have drafted legislation to punish CEOs for running a successful business.

The press release and bill have all the buzzwords and phrases: corporate greed, fair share, working families, taxes, and wealth inequality.

The Tax Excessive CEO Pay Act would amend an IRS code “to impose a corporate tax rate increase on companies whose ratio of compensation of the CEO or other highest paid employee to median worker compensation is more than 50 to 1, and for other purposes.”

However, the bill does not include the biggest business of all: the federal government.

“The American people understand that today we are moving toward an oligarchic form of society where the very rich are doing phenomenally well, while working families continue to struggle to put a roof over their heads, feed their families, and pay for the basic necessities of life,” stated Sanders. “The American people are sick and tired of CEOs making nearly 350 times more than their average employees while over 60 percent of Americans live paycheck to paycheck. 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. That is what this legislation will begin to do.”

I guess the new tax code would not apply to Millionaire Sanders. He’s worth $3 million.

Markey is worth $819,507 to millions. I’ve seen Van Hollen’s worth between $600,000 to millions.

Elizabeth Warren? $12 million!! Barbara Lee? $15 million! Rashida Tlaib? $2 million!

Tlaib isn’t wrong when she said, “Corporate greed is a disease that has long afflicted our country. CEOs are now making 400 times more than their average worker. It’s disgraceful that corporations continue to rake in record profits by exploiting the labor of their workers. Working families deserve to live with human dignity.

Oh, wait. She wasn’t talking about the federal government.

You could apply this rule to all the lawmakers when you compare their salaries to those who work in their offices.

Businesses can avoid the tax hike if they raise salaries but cut the CEO salaries.

The proposal would also make the Department of Treasury “issue regulations to prevent tax avoidance, including against companies that increase the use of contractors rather than employees.”

I doubt the bill will go anywhere, but none of these people will ever stop trying to pass it.




DONATE

Donations tax deductible
to the full extent allowed by law.

Source link

Share:

More Posts

Send Us A Message

donate

Please enter donation amount below

[give_form id="100019158"]
VIDOL COIN

Choose your membership level

$35 billed annually