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New Excise Tax on Companies with Excessive CEO-to-Worker Pay Gaps.

This bill establishes a new excise tax targeting large corporations where the highest-paid executive (typically the CEO) earns more than 50 times the median employee wage. The tax aims to discourage extreme pay disparity within major companies. Applicable employers are those with over $100 million in gross receipts, and the tax cannot be deducted from income taxes.
Key points
Imposes a 1% excise tax on large companies if the ratio of CEO pay to median worker pay exceeds 50 to 1.
The tax applies to employers with over $100 million in gross receipts and high total wage payments.
The new tax is explicitly non-deductible for income tax purposes, increasing the financial impact on affected corporations.
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Additional Information
Print number: 118_S_3176
Sponsor: Sen. Whitehouse, Sheldon [D-RI]
Process start date: 2023-11-01
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Curtailing Executive Overcompensation (CEO) Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3176.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-11-01.

What are the main provisions?

Key points include:

  • Imposes a 1% excise tax on large companies if the ratio of CEO pay to median worker pay exceeds 50 to 1.
  • The tax applies to employers with over $100 million in gross receipts and high total wage payments.
  • The new tax is explicitly non-deductible for income tax purposes, increasing the financial impact on affected corporations.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Whitehouse, Sheldon [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Labor Economy