Corporate Taxes Tied to Pay Gaps and Employment Practices
This act modifies corporate income tax rates for publicly traded companies based on the ratio of their highest-paid employee's compensation to the median employee compensation. It aims to encourage more equitable pay structures. Additionally, companies that reduce their U.S. workforce while increasing contracted or foreign employees may face higher tax rates.
Key points
Higher taxes for companies with large pay disparities: The greater the gap between the highest-paid employee's salary and the median employee salary, the higher the corporate income tax rate.
Government contract preference: Companies with a compensation ratio of less than 50-to-1 will receive preferential treatment when bidding for federal contracts.
Penalties for shifting jobs: Companies that reduce their U.S. full-time employees by more than 10% while increasing contracted or foreign employees will see their applicable tax rate increase by 50%.
Status:
Introduced
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