CEOs Pay Themselves What?

From the AFL-CIO

CEO pay soars to 361 times that of the average U.S. rank-and-file worker, according to the AFL-CIO’s new Executive Paywatch released this week.

The Executive Paywatch is the most comprehensive searchable online database tracking CEO pay. For the first time, thanks to new disclosure rules fought for and won by the labor movement, Paywatch now includes company-specific pay ratio data.

The AFL-CIO’s Executive Paywatch provides startling new data on CEO pay and the inequality that persists in America:

  • The CEO-to-worker pay ratio grew from 347 to 1 in 2016 to 361 to 1 in 2017.
  • CEO pay at S&P 500 Index companies is up 6.4%, to a total of $13.94 million in 2017.
  • The average S&P 500 CEO in the retail industry made 791 times that of the average median pay of their employees last year.
  • When adjusted for inflation, the $38,613 wage of production and nonsupervisory workers, on average, has remained stagnant for more than 50 years.
  • 989 to 1: That’s the ratio of pay between the average worker and Dirk Van de Put, the new CEO of Mondelēz, the corporation that’s outsourcing the production of Oreos and other all-American snacks to Mexico while destroying thousands of good-paying union jobs. Van de Put made more than $42.4 million in total compensation in 2017.

 

“Too many working people are struggling to get by, to afford the basics, to save for college, to retire with dignity, while CEOs are paying themselves more and more,” AFL-CIO Secretary-Treasurer Liz Shuler told reporters on a call this morning.

This new data highlights why the AFL-CIO is leading a massive and growing movement to write new economic rules to raise pay for workers so our families and communities can thrive.

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Posted In: From AFL-CIO, Union Matters

Union Matters

America’s Wealthy: Ever Eager to Pay Their Taxes!

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Why do many of the wealthiest people in America oppose a “wealth tax,” an annual levy on grand fortune? Could their distaste reflect a simple reluctance to pay their fair tax share? Oh no, JPMorganChase CEO Jamie Dimon recently told the Business Roundtable: “I know a lot of wealthy people who would be happy to pay more in taxes; they just think it’ll be wasted and be given to interest groups and stuff like that.” Could Dimon have in mind the interest group he knows best, Wall Street? In the 2008 financial crisis, federal bailouts kept the banking industry from imploding. JPMorgan alone, notes the ProPublica Bailout Tracker, collected $25 billion worth of federal largesse, an act of generosity that’s helped Dimon lock down a $1.5-billion personal fortune. Under the Elizabeth Warren wealth tax plan, Dimon would pay an annual 3 percent tax on that much net worth. Fortunes between $1 billion and $2.5 billion would face a 5 percent annual tax under the Bernie Sanders plan.

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No Such Thing as Good Greed

No Such Thing as Good Greed