| Sponsor: | Rep. DeSaulnier, Mark [D-CA-11] (Introduced 09/24/2020) |
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| Committees: | House – Ways and Means; Oversight and Reform |
This bill amends the Internal Revenue Code to increase the corporate income tax rate for publicly traded corporations that pay their chief executive officers or highest paid employees more than 100 times the median compensation of all their U.S. employees or that increase the number of contracted or foreign employees.
The bill also requires an executive agency, in the evaluation of bids or proposals for federal contracts, to give preference to a bidder that has a compensation ratio of highly paid to all employees of less than 50 to 1 in the previous calendar year.
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2020-09-30 DeSaulnier Targets CEO Pay by Introducing Legislation to combat Income Inequality and Greed “Since 1978, CEO compensation grew by over 1,000% while the typical U.S. worker saw their pay increase by only 12%. In the U.S., the trend for large corporations has been to pay CEOs extravagant salaries, bonuses, and perks, concentrating the power at the top of the company and perpetuating our country’s record-breaking income inequality,” said Congressman DeSaulnier. “We need bold proposals like this one to restore the balance of power back to workers and put an end to runaway corporate greed.”
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