Sanders unveils plan to tax companies with high-earning CEOs

Bernie Sanders has a brand new plan to scale back the widening gap between the rich and poor.

The presidential candidate and decadeslong crusader towards revenue inequality unveiled a proposal Monday to boost taxes on companies whose CEOs make at the very least 50 occasions greater than their median staff.

The increase in corporate taxes can be imposed on corporations that usher in $100 million or more in annual revenue.

“The American individuals are sick and uninterested in company CEOs who now make 300 occasions more than their average staff, whereas they give themselves big bonuses and reduce on the health care and pension benefits of their staff,” Sanders stated in a assertion. “It is time to send a message to company America: If you do not finish your greed and corruption, we'll end it for you.”

In line with government data released this month, revenue inequality within the U.S. is at its highest point in a minimum of 50 years.

Sanders also introduced a wealth tax plan final week in hopes of lessening the nation’s divide in fortunes. His presidential main opponent Sen. Elizabeth Warren proposed a wealth tax early this yr. Each candidates have expressed help for wealth taxes before this yr.

Sanders’ plan would improve taxes on companies progressively: If the CEO or highest-paid employee of a company makes more than 50 occasions however not more than 100 occasions the median employee, its corporate taxes would go up by 0.5 proportion factors; for those whose prime employee earns between 101 occasions and 200 occasions greater than a typical worker, taxes would improve by 1 proportion point; and so forth, ending with a rise of 5 proportion points in company taxes for companies with CEOs who reap greater than 500 occasions the median worker.

Like proposed wealth taxes, Sanders’ tax plan might face constitutional challenges.

If Sanders’ proposal had been on the books final yr, his aides stated, Walmart would have been on the hook for as much as $790 million in additional taxes, while McDonald’s would have owed $110 million more. JPMorganChase would have needed to pay a further $990 million in taxes, they stated.

Article originally revealed on POLITICO Magazine

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