Sen. Bernie Sanders and a group of Democratic lawmakers are pushing to raise taxes on companies that pay their CEOs at least 50 times more than a typical worker’s salary, saying the bill was needed to limit greed. corporate.
The union-backed proposal, which could affect some of the country’s largest companies and employers, would also require guidance from the Treasury Department to prevent companies from avoiding the tax by using contractors instead of employees, the senators said in a statement. on Monday.
The bill could generate $150 billion in U.S. revenue over 10 years, while companies could avoid tax increases by raising workers’ wages and reducing CEO salaries, they added.
Walmart, Alphabet’s Google, Home Depot, JPMorgan Chase, Nike and McDonald’s could face millions more (in some cases billions more) in taxes, the group said.
“Americans across the political spectrum are outraged by the extreme differences between CEO and worker pay,” the group said. Sanders, an independent, generally caucuses with Democrats.
Sen. Bernie Sanders’ bill could generate $150 billion in U.S. revenue over 10 years, while companies could avoid tax increases by raising workers’ wages and reducing CEO salaries. REUTERS
The bill would need 60 votes to pass the Senate, which Democrats narrowly control 51-49. He is also likely to face an uphill battle in the Republican-controlled House, which would also have to approve the measure to send it to President Biden to sign into law.
The looming US election in November could also further complicate any effort to pass such a bill, as the economy looms large in Biden’s re-election bid.
Representatives of the U.S. Chamber of Commerce, the largest U.S. business lobby, did not immediately respond to a request for comment on the CEO Overpaying Tax Act, which was introduced last week. .
Walmart, Alphabet’s Google, Home Depot, JPMorgan Chase, Nike and McDonald’s could face millions more – in some cases billions more – in taxes, the group said. Incognito photographer – stock.adobe.com Jamie Dimon, CEO of JPMorgan Shutterstock
The measure would increase the tax rate for companies whose CEO-to-worker pay ratio is greater than 50 to 1, starting with a 0.5 percentage point increase when the top executive earns 50 to 100 times more than the average CEO. the company, according to the proposed legislation.
Companies that pay their top executives more than 500 times what a typical worker earns would face a maximum tax penalty of 5 percentage points.
If the CEO did not receive the company’s highest salary, the ratio would be based on the highest-paid employee, the senators said. Data on salaries between CEOs and workers at private companies would also be made public, they added.
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Source: vtt.edu.vn