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.
Status:
Expired
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