By Thomas Catenacci
Vermont Sen. Bernie Sanders introduced legislation Wednesday that targeting companies who pay executives 50 times more than their median worker.
The legislation, titled the Tax Excessive CEO Pay Act, aims to combat corporate greed and “end outrageous CEO pay,” Sen. Bernie Sanders said in a press release Wednesday. Sens. Elizabeth Warren, Ed Markey and Chris Van Hollen, along with with Reps. Barbara Lee and Rashida Tlaib, joined Sanders in introducing the bill.
Sen. Bernie Sanders, I-Vt.
“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,” Sanders said in a statement. “That is what this legislation will begin to do.”
Warren said the bill was a good start in an effort to decrease rising income inequality in the U.S. The Massachusetts senator added that workers can be credited for the profits generated by corporations, but executives have reaped the benefits.
Corporations that pay their CEO, or top-paid employee, between 50 and 100 times more than their median employee would be hit with a 0.5% tax increase under the legislation. The penalty steadily increases based on how much more a corporations’ top employee makes than the median worker until it reaches 5% for corporations that pay their top employee more than 500 times the amount they pay their median employee.
“Corporate greed is a disease that has long afflicted this country—but the COVID-19 pandemic highlighted the gross income inequality and pay gap between CEOs and their employees in a way it never has been before,” Tlaib said in a statement.
If companies that currently have these pay patterns didn’t alter their executive compensations, the legislation would raise $150 billion in tax revenue over the next ten years. The tax increase would be tacked onto companies’ current corporate tax rate.
The legislation would penalize Walmart $854.9 million, Home Depot $550.8 million, JPMorgan Chase $172.8 million and Nike $147.7 million if the companies maintain their current executives compensation, Sanders’ office said in the press release.
The Tax Excessive CEO Pay Act also would give the Treasury Department the ability to make rules preventing tax avoidance and would make private companies’ pay-ratio data available for the public.
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Bolshevik Bernie On the Verge of Total Power
Posted on March 14, 2021 by TMH
By: Cliff Kincaid
“Bolshevik Bernie Sanders, the lone Senate member of the Congressional Progressive Caucus, is poised to take over the Democratic Party after his supporters and sympathizers engineer the ouster of New York Governor Andrew Cuomo and President Joe Biden. Sanders’ socialist “dream” is about to come true.”
http://noisyroom.net/blog/2021/03/14/bolshevik-bernie-on-the-verge-of-total-power/
Complete disgrace *facepalm*
Bernie Sanders,The Blessed — We have someone who has dedicated his life to a fundamental moral imperative — you should help those in need…maybe even the ultimate commandment — what you don’t need should go to helping others. Given our heritage, this is compelling. It’s at least an aspiration in most of our lives. What distinguishes Bennie from the legions of others in history is that instead of starting a religious order and getting to it, Bernie has a narrative calling for us to see villains, “the rich”. These folks have caused others failure to thrive…These villain took more than their share of a finite larder, thus denying their neighbors of success in their “pursuit of happiness”. Furthermore, because they aren’t doing enough penance for these mortal sin, we’ll use majority rule to force these despicable abusers-of-others to do the right thing. As a hero of the downtrodden he has successfully recruited many of us who also seek to do good for others. This help-the-downtrodden-by-screwing-the-rich legion lightens our own personal moral imperative by passing it off to the community at large and those rich greedy slackers who aren’t doing their part…paying their fair share. Discarding, those of us who don’t buy into this delusional network is not even part of the discussion anymore. The common good demands it…stop the corporate greed fraternity. Is that about it?
Huh?
How many CEO’S have been hired earning a minimum wage?
Bernie’s concept of “Fair” is something akin to that.
Bernie, it is time for you to retire.
Bernie shouldn’t do this incrementally. He should just get on with it and nationalize all private enterprise like the true Communist he is.
Bernie ” Socialist ” Sanders is nothing more than a hypocrite, I would expect Sanders
to show Vermonters what he made and what he paid……. Nah.
Do as I say, not as I do Sanders !!!
Simpleton Bernie. The tax on corporations to the employees will result in prices charged for any service and product will raise those prices. A big disconnect between the ears. But The Bern never worked in the capitalist world, always in Government. The US Gov is a corporation and basically speaking he is an multimillionaire employee. In that regard, he and his multimillionaire associates are to be included. There’s many of those in Congress. For those people, have a sliding scale, more taxes assessed the higher income from all sources including family members that benefit from being in Congress. Biden included.
What’s good for the goose is good for the gander. Here’s the “salary” VT’s boys have received.
Leahy: $5,626,462.50 (1975-2021) Senator
Sanders: $1,601,400 + $2,596,400 = $4,197,800 (1991-2021) Representative to Senator
Welch: $3,988,500 (2007-2021) Representative
TOTAL: $13,812,762.50 (1975 to 2021)
Bern is a self described “poor boy”. Guess he feels like he’s still; living in a place with a dirt floor. That dirt must have some bacteria that contaminated his brain.
If the median income in Vermont is $31,000 and fifty times that is roughly $1.5 mil, then Bernie makes more than 50X than that of his constituents. Hmmm.
Right On!
Bernie makes 50 times more in total income than the under-class
he says he wants to help. If high taxes are not enough then –
Bernie needs to give MUCH MORE to the poor whom he represents.
He does not represent those of us who are able and willing to earn our own lunch, home and retirement !!! We are Still IN The Majority!!!!
Say Bernie! There are lots of fat cats in SPORTS and HOLLYWOOD!
Crooks all:
Driscoll stiffed local contractor; lost court case
By Anne Galloway Feb 27 2018
https://vtdigger.org/2018/02/27/driscoll-stiffed-local-contractor-lost-court-case/
Bernie has a chance to live by his own rules, and as a millionaire give 50% of his income in taxes. Hey Bernie, you’ve been talking about that for 30+ years, here is your chance to walk the talk!
Bernie and ‘nonprofit(s)’ make at least that – lets see this professional grifter and lifelong bum including Jane pay their ‘fair share’. Apples didn’t fall from Janes tree:
Feds Drop Charges Against Jane Sanders After She Bankrupts University
https://www.thegatewaypundit.com/2018/11/feds-drop-charges-against-jane-sanders-after-she-bankrupts-university/
The report also claims Sanders’s wife directed nonprofit funds to a connection in the Caribbean
https://www.vanityfair.com/news/2016/01/bernie-sanders-family-money
Very appearance of this craven curmudgeon make me sick.
This isn’t legislation. This is an attempt by Vermont’s resident socialist senator at legalized revenge against his political and business enemies and an effort to expunge the demons that prowl his delusional mind. Vermont deserves better…
Yes. That will work well. With Biden/Harris they’ll just creep overseas. We need a flat tax on everyone, strictly on purchases.
If Bernie actually believes his own rhetoric, it explains a lot, but I doubt it. For decades now, he has filled his supporters with empty promises- which this bill would be if passed. CEO’s will have altered their compensation plans long before this could be enacted making Bernie’s alleged 150 billion in tax revenue vaporize as quickly as his presidential campaign.
The real result of this bill and biden’s latest bumbling tax increase threat is a net loss in revenue as corporations adjust, the economy shrinks and we all end up with less in the end. biden’s 39.5% top bracket proposal, along with Vermont’s 8.95% (plus whatever surcharge the legislature enacts) puts Vermont’s top wage-earners touching 50% in income tax. Just how many of the few who are left in Vermont making that kind of money are going to stay?