118th Congress Taxation
H.R. 7041: Tax Excessive CEO Pay Act of 2024
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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 Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Jamaal Bowman D-NYOriginal
- Cori Bush D-MOOriginal
- Raúl Grijalva D-AZOriginal
- Jesús García D-ILOriginal
- Jared Huffman D-CAOriginal
- Pramila Jayapal D-WAOriginal
- Ro Khanna D-CAOriginal
- James McGovern D-MAOriginal
- Eleanor Norton D-DCOriginal
- Ilhan Omar D-MNOriginal
- Rashida Tlaib D-MIOriginal
- Bonnie Watson Coleman D-NJOriginal
- Janice Schakowsky D-IL
- Chellie Pingree D-ME
- Delia Ramirez D-IL
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History
- Introduced in the House by Barbara Lee.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.