H.R. 7041 · 118th Congress
Tax Excessive CEO Pay Act of 2024
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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LeeSponsor15 cosponsors · 15 D
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Bowman
CB
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Bush
RG
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Grijalva
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García
JH
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Huffman
PJ
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Jayapal
RK
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Khanna
JM
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McGovern
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Norton
IO
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Omar
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Tlaib
BW
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Watson Coleman
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Schakowsky
CP
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Pingree
DR
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Ramirez12 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill increases the corporate income tax rate based on the ratio of compensation of principal executive officers or other highest compensated employees to median worker compensation. The current corporate income tax rate is 21%.
What it does: CRS summary · Introduced in House · Jan 18, 2024
Tax Excessive CEO Pay Act of 2024
This bill increases the corporate income tax rate based on the ratio of compensation of principal executive officers or other highest compensated employees to median worker compensation. The current corporate income tax rate is 21%.
Specifically, the bill increases the corporate income tax rate by 0.5 percentage points for a corporation with a pay ratio disparity that is more than 50 to 1. The tax rate increases by 1 percentage point for a pay ratio disparity that is more than 100 to 1, but not greater than 200 to 1. The pay ratio disparity extends to 500 to 1, in which case the increase is 5 percentage points. The bill exempts from such an increase certain corporations based upon their average annual gross receipts.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Tax Excessive CEO Pay Act of 2024
Latest action (Jan 18, 2024): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jan 18, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.