CEO pay versus worker pay and where I most disagree with Styx who would probably never address this issue.
The discussion made me even more convinced that the time
is now for public policy to rein in these persistently extreme
CEO-worker pay gaps. Corporations will not change
their practices on their own.A new Institute for Policy Studies report I co-authored analyzes the potential impact of a federal tax penalty on companies with huge pay gaps, as Sanders and others have proposed. We applied graduated rates, from 1 percentage point on companies with CEO-median worker pay ratios over 100 to 1 to 5 percentage points on ratios above 500 to 1.
What we found is that if such taxes had been in place last year, S&P 500 corporations would have owed as much as $17.2 billion more in 2018 federal taxes. This is assuming that the companies didn’t change the size of their gaps. Ideally, of course, they would respond to the tax by narrowing their gaps — by lifting up the bottom or bringing down the top (or both).
We also looked at how much more certain companies with particularly large gaps would’ve owed the IRS if they didn’t narrow their gaps.
Walmart, for example, with a pay gap of 1,076 to 1, would have owed as much as $794 million in extra federal taxes in 2018 with this penalty in place. With those millions, the federal government could have extended food stamp benefits to 520,997 people for an entire year.
Marathon Petroleum, with a 714-to-1 gap, would have owed an extra $228 million, more than enough to provide annual heating assistance for 126,000 low-income people.
CVS, a drug store chain with a 618-to-1 ratio, would have added a revenue stream that could have provided annual Medicare prescription benefits for 33,977 seniors.
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Feel free to reply to any comment by clicking the "Reply" button.The Left is playing you like a fiddle. You are parroting their dialectic almost word for word about the oppressed proletariat. There are unfair situations and people. Using a broad brush is a Leftist tactic intended to de-legitimize our capitalist system.
TimTuolomne
Level 9
July 6, 2020
1
it's amazing and disconcerting that anyone still falls for this kind of thing, but with MSM and K-12 + 4 brainwashing, it's a wonder that more people don't fall for it, I guess.
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