Skip to comments.California tax plan could rein in CEO pay
Posted on 05/04/2014 8:54:45 AM PDT by artichokegrower
Until the 1980s, corporate CEOs in America were paid, on average, 30 times what their typical worker was paid. Since then, CEO pay has skyrocketed to 280 times the pay of a typical worker; in big companies, to 354 times.
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Pass this and that great sucking sound will be a tsunami with a mag afire of 10x Indonesia tsunami.
Notice how this bill would not affect criminally-rich politicians like Nasty Pelosi, Baba Boxer or Didi Feinstein?
And the government was outraged by it.
And the government created all kinds of regulations and reforms.
And the government altered the tax policy.
And the government altered the tax policy again.
The situation got worse?????
Maybe the government should get more involved, make more reforms, and alter the tax policy. Again.
We in Texas applaude this law and truly hope that it is enacted into law and signed by the Governor.
I work for a movie studio and my rate of pay is determined by a union contract. Does Reich propose that such contracts be violated, because good luck with that.
Let’s see... who is the person who makes decisions about where a company is physically headquartered? Anyone?
Actually, I am now just hoping that the state of California-at-large just goes ahead and names themselves a prefect of Mexico or however that all works.
Just give it all back to them. Lock, stock and barrel (and liberals, and illegals, foreigner sheisters, et al).
I’ll gladly take two less Senators, and a butt load fewer Democrats, and an even bigger butt load of less welfare,SNAP, SSI, SSDI, Section 8, EITC, and a host of fewer House Congressmen in that bargain.
China can just shuttle their crap for us on up to Seattle or somewhere.
Just give it back and be done with it. It isn’t worth saving any more.
Just more political pandering to the RAT base of voters. Add it to the list of reasons for business to MOVE OUT of Taxifornia.
Excessive taxes, regulaton, soon to come collapse of pension system (CALPERS, etc.) already has CA on an unrecoverable trajectory. This is just another big leap that will accellerate CA’s drive to become a third world state.
The good news? I will live to see the day CA won’t have the revenue to support their utopian level of regulation.
Texas, Oklahoma and similar low tax states are probably using their lobbyists to get the dream bill for them passed.
I propose alternate legislation - No congressman or senator is allowed to become 30 times wealthier than he or she was upon taking office.
I’m sure Harry Reid and Nancy Pelosi would be a big supporters. /s
the ‘economic blackholers’ sucking up massive amounts of taxdollars AND contributing NOTHING
I prefer Baba Bouncer, Re the House check kiting and banking scandal.
Clearly a violation of the 16th Amendment
“The Congress shall have power to lay and collect taxes on incomes, FROM WHATEVER SOURCE DERIVED, without apportionment among the several States, and without regard to any census or enumeration.”
States cannot place limits on incomes & sources as it usurps the taxing power passed by Congress as to incomes and sources.
First thing I was thinking of was Toyota too.
We’re going to run out of room here in Texas for all these high-paying jobs if California keeps driving them out.
Does this apply to companies based outside of Kalipornia ?
Crapifornia just keeps shooting itself in the foot. Is all that “medicinal” green stuff finally affecting their minds? Great case study of how when you allow the left to control the entire political process in a state it’s doomed to failure.
I think they are planning to tax either the CEOs or the companies at different rates if the company pays its CEOs more than the state believes they should make in relation to their employees.
Texas Governor Perry is high-fiving his team, grateful for the companies that will relocate to Texas to avoid this policy.
I should’ve been clearer. The CEOs’ compensation is determined by contract, too, for multiple year periods. In many cases their bonuses are tied to stock performance. Reich wants to abrogate these too?
It would be worth it if it applied to actors and athletes as well. Let people really see the effects of collectivism.
There’s a vast economic illiteracy on the modern left.
The vast inequality between CEO and worker is harmful to the company more than the economy. It reveals a great disparity in worker-owner worth and should spurn greater worker development and entrepreneurship.
If you want to stop inequality, let companies fail. They’ll stop paying small fortunes to well connected conmen.
If unemployed welfare leaches would use their idle time to compose symphonies, paint amazing works of art, or chart astronomical bodies folks would be okay with it.
Instead we have for the first time in history a class of poor people who choose to be poor and idle. Usually in history, folks were poor because they had no opportunity so subsistence living was all they knew. Some misguided folks try and compare it to Historical poverty and charity.
Just one more reason to move your corp. the hell out of Calif.
All they have to do is stratify their corporate governance. Have subsidiaries that better shield the executives and their high pay.
Or of course it could just drive every business of any value OUT of California once and for all
Idiots! Last I checked, CEO’s have the discretionary ability to move their company’s operations. administration and subsidiaries to wherever they chose.
The part to watch out for is when they declare that a corporate entity registered in the state is "property" of the state. Contrary to law, but watch it happen.
The intent is to save money by preventing an economic exodus without the cost and trouble of building a wall to keep people in.
You're on the wrong board then, spud.
It’s those steel workers’ and construction workers’ unions! They caused that to happen!
Oh, wait, there are nearly no such employees now. The unions are mostly for female government employees and government-linked businesses with the blessings of the managers—kinda like brothels.
The serious answer is to repeal commie state and local regulations against new, small manufacturing shops on private lots outside of large cities. Do that first, and more Americans might even bother to vote against federal regulations. Otherwise, no revenues for the socialist political class.
They would just transfer all the insider gains to their spouses and cronys. It’s pretty difficult to legislate away greed.
Moving HQ won’t really make a difference. California corporate taxes are based on a company’s California revenues, regardless of where it or its employees are based.
If bills and tax schemes are enacted to restrict shelters, accountants, lawyers and financial consultants, will find other “workarounds,” which people of all political stripes will utilize.
Just as they now do. Many so-called tax shelters, loopholes etc. were advanced and passed by democrats.