Portland Raises Taxes on Companies Whose CEOs Earn 100x More Than Workers

[CharlesDavenport]

The city of Portland, Oregon, is imposing a surtax on companies whose CEOs earn more than 100 times the median pay of their lower-wage workers.

Companies will see a 10 percent increase on their tax rate if the CEO makes 100 times the average employee and a 25 percent increase if they make 250 times the average salary, The New York Times reported.

The new law, which passed 3-1 in the city council, is estimated to generate about $2.5 to $3.5 million per year, which will be used to address income inequality on a local level.

On "Your World" today, Portland City Commissioner Steve Novick said that aside from climate change, extreme economic inequality is the greatest problem of our time.

"The richest one percent - and especially the richest one-tenth of one percent - have far more income and wealth and power than they did 40 years ago," Novick said. "And it's been economically destabilizing, socially destabilizing, politically destabilizing."

from - http://insider.foxnews.com/2016/12/...panies-whose-ceos-earn-100-times-more-workers

Classic illustration of how the liberal mind works (doesn't work) and how government solutions usually exacerbate the problems they claim to be fixing. All this will do is chase jobs out of Portland. That ought to be awesome for local income inequality. Portland is a bad joke.

 

[hamster]

Portland is where 20 year olds go to retire. .........................from Portlandia.

 

[POP]

Portlandia is a hilarious show.

 

[Roy92040]

One day Portland will be another Frisco. The voters here in Oregon just turned down a proposition that would tax the hell out of big companies. Tried to convince us that the consumer wouldn't be effected by it. Stupid is as stupid does.



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[oneforthebus]

Maryland imposed a tax on millionaires a few years back and my understanding is that they all moved to Virginia. Just dumb.

 

[Steelr4evr]

They're all cutting their own throats. It's actually kind of hysterical. I would have never thought I'd see this crap in our country. I guess this is what fundamental change means.

 

[Ron Burgundy]

I'd be happy if there was ONE business in my town where the CEO made 100x more than the employees.

 

[DBS1970]

Can do easy for me if I run one of those companies. I pull my operations from the entire state. **** all of them.

 

[Ron Burgundy]

Can do easy for me if I run one of those companies. I pull my operations from the entire state. **** all of them.

This is why Libs want a strong omnipotent Federal government, so one state can't have an advantage over another (by doing more conservative things).
It's like Bammy's new overtime and exempt pay rules, currently tied up in court. This would actually do me some good, however the one-size-fits-all approach isn't really ideal for this. If you're an assistant manager at McDonald's and they have to pay you $48,000 a year, in Kentucky you're the richest guy in town but in New York City you're at poverty level. Something that is best left to the states to determine for themselves.