Last November, San Francisco voters passed by an almost 2-1 margin Proposition L, known popularly as the “Overpaid Executive Tax.” Under this new law, any company that has an executive that makes more than 100 times the pay rate of its “typical local worker” will be charged 0.1 percent on its annual business taxes top earners making more than 200 times their typical local worker would pay a surcharge of 0.2 percent. While the drive to raise the minimum wage to $15 an hour has been one response to income inequality, it is not the only game in town. Recent studies have shown that gap dramatically increasing. The growing pay gap between corporate CEOs and their rank-and-file employees has been seen as evidence of growing inequality. Recent studies show the decadeslong trend of flat wages continues unabated. The number is so large that it can only be understood in absurdities such as the fact that the top 10 billionaires have the money to pay for COVID-19 vaccinations for every person on the planet.įor ordinary Americans, there hasn’t been a windfall. Over a roughly seven-month period starting in mid-March of 2020, America’s 614 billionaires - including Jeff Bezos, Elon Musk, and other wealthy CEOs - grew their net worth by a collective $931 billion. For billionaires and some of America’s most highly paid corporate executives, the pandemic has been a windfall.
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