A California effort to lead a national debate over the growing wage gap between CEOs and average workers took its first step in the state Legislature on Thursday with support from Democratic lawmakers, organized labor and former U.S. Labor Secretary Robert Reich. Reich, who served in the Clinton administration during the 1990s, said the bill would reward responsible companies with lower tax rates and help the middle class while countering a trend that he said endangers the underpinnings of the American economy. SB1372 would punish companies that pay CEOs more than 100 times the median wage of their workers by imposing a higher corporate tax rate. Companies with less of a wage gap would be rewarded with a lower rate.
Posted on: Sat, 26 Apr 2014 22:01:03 +0000
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