Source: Senator Kirsten E.Gillibrand - (D - NY)
New York, NY - October 24, 2017 - (The Ponder News) -- U.S. Senator Kirsten Gillibrand stood with community advocates and workers and called on Congress to reject the GOP’s tax overhaul that protects corporate profits and the wealthiest Americans, and urged her colleagues to pass her legislation to close tax loopholes that force taxpayers to subsidize massive CEO compensation. Gillibrand’s legislation, the Stop CEO Excessive Pay Act would put taxpayers first by closing the tax loophole that allows companies to deduct part of the amount they spend on executive compensation. Gillibrand’s bill would give shareholders more oversight in determining whether CEOs should receive substantial raises or bonuses. Under the current system, companies can get a tax deduction for excessive CEO pay and pay CEOs massive amounts of money with little input from shareholders.
“We need to simplify our tax system, but we need to do it in a way that rewards work and not just profitable corporations and their CEOs,” said Senator Gillibrand. “A good place to start is by closing loopholes that let corporations deduct excessive CEO pay from their taxes as a business expense. Even while the middle class has been shrinking and workers’ wages have hardly budged, corporations have been paying their CEOs higher and higher salaries – in some cases more than 300 times higher than regular employees. This is unacceptable, and it would not be fixed by the tax plan Republicans are moving to pass, which I urge all of my colleagues to reject. We need to start rewarding work again in this country, and ending taxpayer subsidies of CEO pay is a good start.”
“Corporate greed in this country has led to unacceptable levels of income inequality. Corporations should not be allowed to take advantage of tax laws that force working men and women to subsidize exorbitant CEO pay. It’s outrageous that the same hardworking employees, responsible for making their employers profitable in the first place, struggle to get by, while CEOs receive 347 times what they earn on average. I want to thank Senator Kirsten Gillibrand for spearheading this legislation, which is a positive step toward addressing these inequalities and making profitable companies pay their fair share,” said Mario Cilento, President of the New York State AFL-CIO.
