The bigger the gap between how much each company’s highest-paid executive makes compared to its employees, the bigger the tax increase.
California lawmakers will consider raising taxes on some of the nation’s largest companies, with the size of the tax increase depending on how much each company’s highest-paid executive makes compared to its employees.The bill by state Sen. Nancy Skinner passed out of its first committee hearing Wednesday, keeping it alive ahead of a Jan. 31 deadline to pass the Senate.
“At the happiest place on Earth, they are paid so poorly that they rely on food banks, sleep in cars or live so close to the bone that even a small problem could send them into a death spiral,” Abigail Disney told state lawmakers Wednesday. “Disney has made significant investments to provide for the upward mobility of our employees,” the company said in a statement.
“I’m not here today to defend CEO pay. What I am here today to do is to defend jobs,” he said. “Take the CEO pay out of it. What [the bill] is sending is a broader signal that the Legislature is intending to be able to regulate every aspect of free enterprise in this state.”
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