Search Results for keywords:"gross receipts threshold"

Search Results: keywords:"gross receipts threshold"

H. R. 7041 — 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.
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January 18, 2024
Status:Introduced in House
Congress:118
Words:1,024
H. R. 7041 is a bill proposed to amend the Internal Revenue Code of 1986 by increasing the corporate tax rate for companies where the CEO or highest-paid employee earns over 50 times more than the median worker. The bill includes a system where the tax rate increase is based...
Simple Explanation
H.R. 7041 is a bill that wants big companies to pay more taxes if their bosses earn too much more than the average worker in the company. If a boss earns more than 50 times what a regular worker does, the company has to pay extra taxes.
S. 4642 — To amend the Internal Revenue Code of 1986 to impose an income tax on excess profits of certain corporations.
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July 09, 2024
Status:Introduced in Senate
Congress:118
Words:1,384
S. 4642 proposes changes to the Internal Revenue Code of 1986 to introduce a tax on excess profits for certain large corporations. It defines "excess profits" as the amount by which the corporation's taxable income for a given year exceeds the average inflation-adjusted...
Simple Explanation
S. 4642 is a proposed rule that wants big companies making lots of extra money to pay more taxes, like if a kid who gets a lot of new toys has to share some with others. It only affects very big companies earning lots, and it will stop at the end of 2026.
S. 3620 — 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.
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January 18, 2024
Status:Introduced in Senate
Congress:118
Words:986
The bill S. 3620, titled the "Tax Excessive CEO Pay Act of 2024," aims to amend the Internal Revenue Code to increase corporate taxes for companies where the pay ratio between the CEO (or the highest-paid employee) and the median worker exceeds 50 to 1. The tax penalty...
Simple Explanation
S. 3620 wants companies to pay more taxes if their boss's pay is really high compared to the pay of regular workers. If the boss’s pay is over 50 times more than the average worker, the company gets extra taxes as a punishment to make things fairer.

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