Bernie Sanders Wants Business Tax on CEOs Paid 50 Times More than Median Employee

US Senator Bernie Sanders, Independent of Vermont, speaks at George Washington University in Washington, DC, on September 24, 2020. - Sanders warned that the US faces an "unprecedented and dangerous moment," as US President Donald Trump questions the legitimacy of mail-in ballots and suggests he might not accepts the election …
NICHOLAS KAMM/AFP via Getty Images

Sen. Bernie Sanders (I-VT) introduced legislation to tax companies that pay CEOs more than 50 times their median employees. The new scheme comes after Sanders failed to get the $15 minimum wage hike into the coronavirus package.

According to the Wall Street Journal, the “bill would raise the corporate tax rate for companies with gross receipts of over $100 million a year where the CEO is making anything more than 50 times the median worker.”

On top of the existing 21 percent corporate tax rate, the tax increase “would add 0.5%, if the company was paying the CEO at a ratio of 50 to 1. The increase would top out at 5%, if the CEO makes more than 500 times that of the median worker,” the report specified.

Sanders held a hearing Wednesday that focused on socialistic policies, along with unionization, where he promised to hold another hearing on corporate tax obligations.

“Right now, I happen to believe that this country is on its way to an oligarchy,” Sanders said.

Sen. Mike Braun (R-ID) tweeted his displeasure with the idea, “If they raise [the] corporate tax rate, we’re never going to get back to the pre-COVID economy which was so strong.”

In order to raise such revenue, Sanders must find a way to push his socialistic taxing approach through a Senate that is evenly divided, with Vice President Harris acting as a tie-breaker. The Democrats were able to ram through the Senate coronavirus legislation by a tactic called reconciliation that allows the Senate to circumvent its threshold of 60 votes to pass a measure.

The same tactic may be needed for President Joe Biden’s potential transportation legislation, which House Speaker Nancy Pelosi (D-CA) is attempting to find ways to bankroll.

Breitbart News reported, “Pelosi pitched possibly raising corporate taxes and capital gains taxes on a conference call Tuesday.” The report also mentioned, “Sen. Elizabeth Warren (D-MA) is pushing for a wealth tax that she, Reps. Pramila Jayapal (D-WA), and Brendan Boyle (D-PA) proposed on March 1, which imposes a two percent tax on assets’ net value for the wealthiest Americans.”

.

Please let us know if you're having issues with commenting.