summary
Introduced
11/13/2019
11/13/2019
In Committee
11/13/2019
11/13/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to impose a corporate tax rate increase on companies whose ratio of compensation of the CEO or other highest paid employee to median worker compensation is more than 50 to 1, and for other purposes. This bill requires an increase in the corporate income tax rate based upon the ratio of compensation paid to the corporation's highest paid employee to median worker compensation. The pay ratios range from greater than 50 to 1 (0.5% increase) to greater than 500 to 1 (5% increase). The bill exempts corporations whose average annual gross receipts during a three-year period are less than $100 million from the rate increase.
AI Summary
This bill amends the Internal Revenue Code of 1986 to impose a corporate tax rate increase on companies whose ratio of compensation of the CEO or other highest paid employee to median worker compensation is more than 50 to 1. The pay ratios range from a 0.5% increase for ratios greater than 50 to 1, up to a 5% increase for ratios greater than 500 to 1. The bill exempts corporations with average annual gross receipts of less than $100 million over a three-year period from the rate increase.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 11/13/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/2849/all-info | 11/14/2019 |
| BillText | https://www.congress.gov/116/bills/s2849/BILLS-116s2849is.pdf | 11/22/2019 |
| Bill | https://www.congress.gov/116/bills/s2849/BILLS-116s2849is.pdf.pdf | 11/22/2019 |
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