“You are hoping to reduce harmful behavior,” Anderson told Vox. Sarah Anderson, who works on inequality at the liberal Institute for Policy Studies and who previously worked with Sanders on a similar plan, compared Sanders’ proposal to a sin tax. “I trust the market to set salaries more than I trust Bernie Sanders,” Riedl told the Post. Brian Riedl of the conservative Manhattan Institute said the tax would hurt some industries, falling more heavily on firms that have many low-wage workers while allowing companies with a smaller number of high-wage workers, such as those in Silicon Valley, to escape. What critics are saying: As expected, the proposal is producing very different reactions on the left and the right. The increase in a company’s tax rate would be based on the ratio of CEO to median worker pay, with the tax rate increasing at the ratio increases:įor companies with a CEO pay ratio between 50 and 100, add 0.5% to its tax rate How it would work: All public and private companies with annual revenues of more than $100 million would face higher tax rates if they pay their CEOs more than 50 times the median salary of their workers. “We want to make clear that’s bad policy, and we will impose taxes on the most egregious examples.” “You have CEOs making 500 or 1,000 times more than the median income worker - that’s a signal of a lot of what is wrong in this country,” Sanders told Jeff Stein of The Washington Post. The proposal is designed to combat rising income inequality, Sanders said in a statement, and to pressure American companies that provide lavish compensation for their chief executives while paying low wages to workers. Bernie Sanders released a plan Monday that would penalize companies that pay their CEOs far more than their average workers.
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