Low-Wage Employers Spent Billions Inflating CEO Pay Through Stock Buybacks
President Biden has the power to crack down on executive excess by imposing new CEO pay and buyback restrictions on federal contractors.
Key players in the Capitol Hill budget debate are deadlocking over the U.S. corporate tax rate.
Senate Budget Committee Chair Bernie Sanders (I-Vt.) wants to push that rate up from the current 21 percent to 35 percent, the corporate tax rate before the 2017 Republican tax cuts. President Biden has proposed hiking the current rate to 28 percent. Sen. Joe Manchin (D-W.Va.) has set his sweet spot at 25 percent.
Other than arm wrestling, how could all the players here resolve their differences? They could top off a corporate tax rate increase with a CEO pay surtax — an extra levy on firms that pay their top executives absurdly more than their typical workers.
This approach would have two appealing selling points for Manchin and other moderate Dems.
Read Sarah Anderson’s full op-ed in The Hill.
by Sarah Anderson
President Biden has the power to crack down on executive excess by imposing new CEO pay and buyback restrictions on federal contractors.
by Sarah Anderson
The proposal includes restrictions on insider stock sales and an excise tax designed to dampen the buyback spree.
by Sarah Anderson
If the minimum wage had increased as much as Wall Street bonuses since 1985, it would be worth $61.75 today.