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.”
If they raise corporate tax rate, we’re never going to get back to the pre-COVID economy which was so strong because small businesses could keep more of their money to pay employees and reinvest instead of sending it to D.C. to be wasted. @newsmax@seanspicer@mercedesschlapp
— Senator Mike Braun (@SenatorBraun) March 16, 2021
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.”