About the bill
How much money, if any, is “too much” for a CEO to earn relative to their average employee?
Context
In 1965, the average CEO made 20 times as much as their average worker. In 1989, that had nearly tripled, to 58x. By 2018, it had more than quadrupled to 278x.
Many believe this is fundamentally unfair, given the level of financial difficulty and poverty that some Americans face. For example, Bill Gates is rich enough to give everybody on earth $10 and still have $30 billion left.
What the legislation does
The Tax Excessive CEO Pay Act would institute an escalating tax on any corporation which earns at least $100 million in a year and whose chief executive earns more than 50x their median employee.
Those tax rates would …
Sponsor and status
116th Congress (2019–2021)
This bill was introduced on November 13, 2019, in a previous session of Congress, but it did not receive a vote.
Although this bill was not enacted, its provisions could have become law by being included in another bill. It is common for legislative text to be introduced concurrently in multiple bills (called companion bills), re-introduced in subsequent sessions of Congress in new bills, or added to larger bills (sometimes called omnibus bills).
1 Cosponsor (1 Democrat)
Position statements
History
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Nov 13, 2019
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Introduced
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber. |
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Mar 17, 2021
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Reintroduced Bill —
Introduced
This activity took place on a related bill, S. 794. |
S. 2849 (116th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number S. 2849. This is the one from the 116th Congress.
This bill was introduced in the 116th Congress, which met from Jan 3, 2019 to Jan 3, 2021. Legislation not passed by the end of a Congress is cleared from the books.
How to cite this information.
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“S. 2849 — 116th Congress: Tax Excessive CEO Pay Act of 2019.” www.GovTrack.us. 2019. September 26, 2022 <https://www.govtrack.us/congress/bills/116/s2849>
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Where is this information from?
GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.
