U.S. presidential candidate Bernie Sanders on Monday laid out a plan to hike tax...
FILE PHOTO: Democratic Presidential candidate U.S. Senator Bernie Sanders addresses attendees during the AFL-CIO Workers Presidential Summit in Philadelphia, Pennsylvania, U.S., September 17, 2019. REUTERS/Mark Makela/File Photo
- U.S. presidential candidate Bernie Sanders on Monday laid out a plan to hike taxes on big companies with wide pay gaps between executives and rank-and-file workers. Sanders’ plan would raise tax rates on companies where the chief executive officer or highest-paid employee earns more than 50 times the median worker salary. The independent U.S. Senator from Vermont is competing for the Democratic nomination to challenge Republican President Donald Trump in the November 2020 election.
The proposal comes amid increased scrutiny of income inequality and top executives’ pay as a contributing factor. A Securities and Exchange Commission rule adopted in 2015 now requires companies disclose CEO pay ratios. “The American people are sick and tired of corporate CEOs who now make 300 times more than their average employees, while they give themselves huge bonuses and cut back on the healthcare and pension benefits of their employees,” Sanders said in a statement.
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