Senator Bernie Sanders and a group of Democratic lawmakers are pushing to raise taxes for companies that pay their chief executives at least 50 times more than their typical worker’s salary, saying the bill was needed to limit corporate greed. The bill could generate $150 billion in U.S. revenue over 10 years, while companies could avoid the tax hike by raising workers’ pay and reducing CEO salaries, they added. “Americans across the political spectrum are outraged by the extreme gaps between CEO and worker pay,” the group said. Mr. Sanders, an independent, generally caucuses with the Democrats. The bill would need 60 votes to clear the Senate, which Democrats narrowly control 51-49.

Source: The Hindu January 24, 2024 05:24 UTC