Curtailing Executive Overcompensation (CEO) Act
This bill imposes an excise tax on employers (i.e., business entities) that have at least a 50 to 1 disparity between the wages (including bonuses, stock awards and options) of chief executive officers and the wages paid to their workers. The bill applies to employers that have not less than $100 million in annual gross receipts and $10 million in payroll over a 3 year period.
The bill limits such tax to 1% of an employer's gross receipts.