The Tax Excessive CEO Pay Act, introduced by Senator Bernie Sanders and Representatives Barbara Lee and Rashida Tlaib, would raise the corporate tax rate for any companies that pay their executive 50 times more than their typical workers. The bill begins with a 0.5 percent tax. The worst offending companies that pay their CEO more than 500 times their median workers would be taxed 5 percent.
Last year, the median Walmart employee made just under $22,000. Meanwhile, CEO Doug McMillon made $23.6 million. Starbucks CEO Kevin Johnson brought home $13.38 million– 1,049 times the median worker.
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