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.