Sanders and Colleagues Introduce Legislation to Combat Corporate Greed and End Outrageous CEO Pay

[Donkees]

https://www.sanders.senate.gov/press-releases/news-sanders-and-colleagues-introduce-legislation-to-combat-corporate-greed-and-end-outrageous-ceo-pay/

March 17, 2021

WASHINGTON, March 17 – Sens. Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), Ed Markey (D-Mass.), and Chris Van Hollen (D-Md.) along with Reps. Barbara Lee (D-Calif.), and Rashida Tlaib (D-Mich.) on Wednesday introduced the Tax Excessive CEO Pay Act to take on corporate greed by raising taxes on companies that pay their top executives at least 50 times more than the pay of a median worker.

Americans across the political spectrum are outraged by the extreme gaps between CEO and worker pay. According to a nationwide survey, the typical American would limit CEO pay to no more than 6 times that of the average worker. About 62% of all Americans – 52% of Republicans and 66% of Democrats – favor capping CEO pay relative to worker pay.

“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,” said Sen. Sanders. “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.”

“It is unjust and unacceptable that for decades, billions of dollars have gone to those at the top while workers’ wages, especially for workers of color, have remained stagnant,” said Rep. Barbara Lee. “As millions of families struggle to keep food on the table during a global pandemic and economic crisis, it is more important than ever that we close the CEO-worker pay gap and ensure that companies pay their workers the wages they deserve. I’m proud to partner with Sen. Sanders to reintroduce the Tax Excessive CEO Pay Act to make ultra-wealthy CEOs pay their fair share.”

The Tax Excessive CEO Pay Act is endorsed by 32 academic leaders and policy analysts, as well as the AFL-CIO, Americans for Financial Reform, American Sustainable Business Council, Americans for Democratic Action (ADA), American Federation of State, County and Municipal Employees (AFSCME), Campaign for America’s Future, Center for Popular Democracy (CPD), Coalition on Human Needs, Communications Workers of America (CWA), Consumer Action, Economic Policy Institute (EPI), Franciscan Action Network, Greenpeace USA, Institute for Policy Studies (IPS), International Brotherhood of Teamsters, International Federation of Professional and Technical Engineers (IFPTE), MO Jobs with Justice, National Council of Churches, National Federation of Federal Employees, National Health Care for the Homeless Council, National LGBTQ Task Force Action Fund, NETWORK Lobby for Catholic Social Justice, Our Revolution, Patriotic Millionaires, People Demanding Action, People’s Action, Public Citizen, Service Employees International Union (SEIU), Social Security Works, Strong Economy for All Coalition, The Other 98%, Take on Wall Street, United for a Fair Economy (UFE), United for Respect (UFR), and the Working Families Party.

The bill was cosponsored by Representatives Rashida Tlaib (D-Mich.), Jan Schakowsky (D-Ill.), Eleanor Holmes Norton (D-D.C.), Bonnie Watson Coleman (D-N.J.), Mondaire Jones (D-N.Y.), Ro Khanna (D-Calif.), Jesús G. “Chuy” García (D-Ill.), Ayanna Pressley (D-Mass.), Mark Takano (D-Calif.), Alexandria Ocasio-Cortez (D-N.Y.), Adriano Espaillat (D-N.Y.), James P. McGovern (D-Mass.), Alcee L. Hastings (D-Fla.), Steven Lynch (D-Mass.), Ilhan Omar (D-Minn), Pramila Jayapal (D-Wash.), Cori Bush (D-Mo.), Jared Huffman (D-Calif.), and Raul Grijalva (D-Ariz.).

[Faux pas]

1. Kickin'

[I_UndergroundPanther]

2. Get thee to the greatest page

About time legislation like this was done. The wealth inequality has been ignored for far too long.

[everyonematters]

3. They should go by the minimum wage.

If they go by their own workers, they can just outsource.