In the fight against income inequality we need to do more than raise the minimum wage to close the gap in wage equity between CEOs and workers.

Please read the message below from Former Secretary of Labor Robert Reich calling on all of us to stand with Senator Bernie Sanders in support of the Tax Excessive CEO Pay Act. We can make this happen, but only if we all stand up and fight for it together. - The DFA Team

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John,

Senator Bernie Sanders recently introduced the Tax Excessive CEO Pay Act, a bill that would apply a higher corporate tax rate on companies that pay their CEOs an outrageously high amount of compensation compared to their median workers.

Just 50 years ago the standard CEO made one million dollars per year, an average of 20 to 30 times the median pay of the average worker.

The ascent of CEO pay is outrageous. Now, the typical CEO of a firm in the S&P 500 makes nearly $15 million per year, or 320 times the median pay of their average worker.

Not all big firms confer such riches on their top executives, but for those that do, this is how it would work: The Tax Excessive CEO Pay Act would target companies with the biggest gaps between CEO and median worker pay, increasing the corporate tax rate by .5 to 5 percent more for every dollar of excessive pay that is 50 to 500 times the pay of the median worker. This legislation would make companies pay a price for giving away huge CEO payouts while ignoring their workers.

For too long the ultra-wealthy have written the rules of the game to their advantage. They have made sure that they make more and more, while workers make less and less.

To make something good happen in Washington, good people outside Washington have to organize and mobilize. That’s why I am asking you to join me in supporting Senator Bernie Sanders by becoming a citizen co-sponsor of the Tax Excessive CEO Pay Act.

By increasing the tax rate on companies with excessive CEO pay, the Tax Excessive CEO Pay Act could raise as much as $150 billion over 10 years, helping to reduce the current unchecked growth of wealth and income inequality.

Out of control growth of CEO pay is one of the key drivers of the extreme rise in income inequality and wage stagnation in the United States and it’s the reason why we have been unable to solve many of the crises we face.

Democracy for America members have been fighting to address the income inequality crisis in this country for years. Now, some of our boldest leaders are stepping up with real, concrete plans to level the playing field.

Please join me and DFA as we mobilize to raise taxes on the rich by becoming a citizen co-sponsor of the Tax Excessive CEO Pay Act.

Thank you for taking action today and continuing to raise your voice.

Robert Reich
Former Secretary of Labor
Co-founder, Inequality Media Civic Action

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