John,
The United States has added 50 new billionaires during the pandemic — all while millions of people fall deeper into poverty, joblessness, and debt. And while the pandemic has exposed and worsened income and wealth inequality, wage suppression has been going on for decades.
That's why Rep. Jamaal Bowman is proud to support the Tax Excessive CEO Pay Act, which was introduced by Reps. Barbara Lee and Rashida Tlaib. The act would tax big corporations that pay their CEOs and other top executives at least 50 times more than they pay an average worker.
In the past 40 years, average workers' pay rose by just 13%, while average CEO pay grew by more than 1,000%. Today, the CEO-to-worker pay ratio sits at 320-to-1 — a dramatic increase from 21-to-1 in 1965.
"Excessive CEO pay" as defined by the bill would only impact American corporations with average annual sales for the three preceding years of at least $100 million, affecting only a small portion of corporations in the US.
And, more importantly, the bill is estimated to raise around $150 billion over 10 years that could be used to reduce racial, gender, and economic inequality. The bill will level the playing field for working people and ensure large wealthy corporations are paying their fair share.
Thanks for adding your name,
Team Bowman
