In an aim to implement progressive policymaking and lower extreme income inequality, the city council of Portland, Oregon, has voted to bring in a “CEO Tax” for its 500 publicly-traded companies. The tax penalises companies based on the ratio of the CEO’s wage relative to an average worker’s wage. If a company’s CEO wage is more than 100 times that of a worker, the company would have to pay a 10% surcharge on top of its initial business taxes. The new tax is estimated to raise $2.5 million a year.
