Sept. 30 (UPI) -- Sen. Bernie Sanders, I-Vt., on Monday introduced a proposal to raise taxes on companies who pay their CEOs and other executives much more than the median employee salary.
Sanders, who is running for president in 2020, posted the plan that would impose a 0.5 percentage point corporate tax increase on companies whose CEO or highest-paid executive makes between 50 and 100 times as much as the median employee.
The penalty would increase by 1 percentage point for executives who make 100-200 times the median worker and 2 points for those who make 200-300 times more with a maximum penalty of 5 points for executives making 500 times more than the median employee.
Sanders said the plan would apply to all private and publicly held corporations with annual revenue of more than $100 million and the revenue generated from the plan would be used for his plan to eliminate medical debt.
"The goal of this income inequality tax is not just to raise more revenue. It is to send a message to corporate America: stop paying your workers inadequate wages while CEOs make outrageous compensation packages," Sanders said.