Data from the Securities and Exchange Commission offer a rare snapshot of how, in low-wage industries, the rich get especially rich, at the expense of employees.
Co-published by Fast Company
Thanks to Dodd-Frank, companies are now required to publicly disclose their CEOs’ pay in comparison to their median employees’ salaries.
One night last year, as the public debate about economic inequality began to sharpen, California State Senator Mark DeSaulnier (D-Concord) was walking to the Berkeley premiere of a documentary film focused on that very subject. Inequality for All, narrated by former U.S. Labor Secretary Robert Reich, had been executive-produced by the man DeSaulnier was walking […]
Meanwhile, the median wage continued to drop, adjusted for inflation. What’s less well-known is that you and I and other taxpayers are subsidizing this sky-high executive compensation. That’s because corporations deduct it from their income taxes, causing the rest of us to pay more in taxes to make up the difference. This tax subsidy to […]
The SEC is dragging its feet implementing a section of the Dodd-Frank reform that would require publicly traded companies to calculate the ratio between the CEO’s pay and that of the firm’s median pay package. The New York Times editorial board urges them to push forward. Corporate lobbyists say it’s too complicated to figure out […]