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New Bill Cracks Down on Sky-High CEO Pay
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Nov. 14, 2019 | ORGANIZING | The Teamsters for years have been at the forefront of pushing back on excessive CEO pay. Now the union is glad to see some on Capitol Hill agree. Lawmakers yesterday rolled out the Tax Excessive CEO Pay Act, which would impose tax rate increases on companies with CEO-to-median-worker pay rates greater than 50-to-1. Penalties would begin with a 0.5 percent corporate rate tax increase for those at the lower end, rising to a five percent increase for companies with a ratio greater than 500-to-1. The tax is expected to raise $150 billion over 10 years. Several Teamster employers have been guilty of such pay disparity, including XPO Logistics, where CEO Bradley Jacobs’ pay exceed workers 361:1; Republic Services Group, where CEO Donald Slager’s pay is 183 times higher than the average worker; and UNFI, whose CEO Steven Spinner earns 96 times the company’s median worker… Teamster.org
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