US HB5066 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 19-0)
Status: Introduced on November 13 2019 - 25% progression, died in committee
Action: 2019-11-13 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on November 13 2019 - 25% progression, died in committee
Action: 2019-11-13 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Requires an increase in the corporate income tax rate based upon the ratio of compensation paid to the corporation's highest paid employee to median worker compensation. The pay ratios range from greater than 50 to 1 (0.5% increase) to greater than 500 to 1 (5% increase). The bill exempts corporations whose average annual gross receipts during a three-year period are less than $100 million from the rate increase.
Title
Tax Excessive CEO Pay Act of 2019
Sponsors
Rep. Barbara Lee [D-CA] | Rep. Rashida Tlaib [D-MI] | Rep. Raul Grijalva [D-AZ] | Rep. Eleanor Norton [D-DC] |
Rep. Jared Huffman [D-CA] | Rep. Pramila Jayapal [D-WA] | Rep. Ro Khanna [D-CA] | Rep. Bennie Thompson [D-MS] |
Rep. Janice Schakowsky [D-IL] | Rep. Rosa DeLauro [D-CT] | Rep. Debra Haaland [D-NM] | Rep. Adriano Espaillat [D-NY] |
Rep. Ayanna Pressley [D-MA] | Rep. Jesus Garcia [D-IL] | Rep. Ilhan Omar [D-MN] | Rep. Bonnie Coleman [D-NJ] |
Rep. James McGovern [D-MA] | Rep. Mark Takano [D-CA] | Rep. Alexandria Ocasio-Cortez [D-NY] |
History
Date | Chamber | Action |
---|---|---|
2019-11-13 | House | Referred to the House Committee on Ways and Means. |
2019-11-13 | House | Introduced in House |
Same As/Similar To
SB2849 (Same As) 2019-11-13 - Read twice and referred to the Committee on Finance.
Subjects
Administrative law and regulatory procedures
Corporate finance and management
Department of the Treasury
Income tax rates
Taxation
Wages and earnings
Corporate finance and management
Department of the Treasury
Income tax rates
Taxation
Wages and earnings
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/5066/all-info |
Text | https://www.congress.gov/116/bills/hr5066/BILLS-116hr5066ih.pdf |