WMT - Bernie Sanders Proposes Tax Hike For Companies With High CEO Pay Ratios: 'Americans...Outraged By Extreme Gaps' | Benzinga
Sen. Bernie Sanders (I-Vt.), along with a group of Democratic lawmakers, is reportedly spearheading a bill proposing an increase in taxes for companies that pay their CEOs 50 times more than their median worker.
What Happened: The Tax Excessive CEO Pay Act has been introduced to mitigate corporate greed by imposing taxes on companies with high CEO-to-worker pay ratios. The bill could potentially impact some of the largest corporations and employers in the US, including Walmart Inc. (NYSE:WMT), Alphabet Inc. (NASDAQ:GOOGL), Home Depot Inc. (NYSE:HD), JPMorgan Chase & Co. (NYSE:JPM), Nike Inc. (NYSE:NKE), and McDonald’s Corporation (NYSE:MCD), reported Reuters.
“Americans across the political spectrum are outraged by the extreme gaps between CEO and worker pay,” the group said.
The legislators expect the bill to generate $150 billion in U.S. revenue over a 10-year period. The tax increase could be circumvented by companies if they opt to elevate worker pay and diminish CEO salaries.
The proposed legislation introduces a tax rate hike for companies with ...