HR 7041 118th Congress House Taxation

Tax Excessive CEO Pay Act of 2024

Introduced: January 18, 2024 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 18, 2024

Referred to the House Committee on Ways and Means.

Jan 18, 2024

Introduced in House

Plain-English summary Congressional Research Service

Tax Excessive CEO Pay Act of 2024

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.

What's happening now January 18, 2024

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1