Bernie Sanders, Democrats propose bill to hike taxes on companies with high CEO pay

Bernie Sanders, Democrats propose bill to hike taxes on companies with high CEO pay

Bernie Sanders in Manchester, New Hampshire, February 4, 2020.Brendan McDermid | ReutersSen. Bernie Sanders is once again asking corporations to rai

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Bernie Sanders in Manchester, New Hampshire, February 4, 2020.

Brendan McDermid | Reuters

Sen. Bernie Sanders is once again asking corporations to raise their employees’ wages.

The Vermont independent and a group of congressional Democrats put forward a bill Wednesday to hike taxes on companies that pay their chief executive at least 50 times more than their median worker. Businesses would owe more the higher their CEO-to-worker pay ratio is.

Sanders introduced the plan in the Senate along with Sens. Elizabeth Warren and Ed Markey, D-Mass., and Sen. Chris Van Hollen, D-Md. Reps. Barbara Lee, D-Calif., and Rashida Tlaib, D-Mich., proposed it in the House. The bill has at least 18 other co-sponsors in the House.

The legislation fits into a push from progressives to boost pay for low-wage workers and root out income and wealth inequality. Democrats failed to raise the federal minimum wage to $15 per hour in their $1.9 trillion coronavirus relief bill, and Sanders has sought alternatives to compel major corporations to hike pay.

The bill faces a challenging path in Congress. Even if Democratic leaders endorse it,…



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