Government

Liberals gone wild 😱 Portland Adopts Surcharge on C.E.O. Pay in Move vs. Income Inequality

Now I’m convinced. The political left is nuts, out of control and naive beyond belief. What the hell business is it of a city what companies pay their CEOs or anyone else? Address inequality? What nonsense, what utter nonsense!  This penalty tax has nothing whatsoever to do with addressing inequality. It is merely a revenue raiser under the guise of some vague feel good notion of fairness.

Imagine you built a small business, imagine you put your blood, sweat and tears and years of effort into that business and some left-wing do-gooder comes along and decides how much you should pay yourself based on what he or she considers equality.

It’s hard to imagine, but it’s real.

Moving to address income inequality on a local level, the City Council in Portland, Ore., voted on Wednesday to impose a surtax on companies whose chief executives earn more than 100 times the median pay of their rank-and-file workers.

The surcharge, which Portland officials said is the first in the nation linked to chief executives’ pay, would be added to the city’s business tax for those companies that exceed the pay threshold. Currently, roughly 550 companies that generate significant income on sales in Portland pay the business tax.

Under the new rule, companies must pay an additional 10 percent in taxes if their chief executives receive compensation greater than 100 times the median pay of all their employees. Companies with pay ratios greater than 250 times the median will face a 25 percent surcharge…

… Portland’s executive-pay surcharge will be levied as a percentage of what a company owes on the city’s so-called business license tax, which has been in place since the 1970s. City officials estimated that the new tax would generate $2.5 million to $3.5 million a year for the city’s general fund, which pays for basic public services such as housing and police and firefighter salaries.

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6 replies »

  1. Many of the ideas on the left were tried in the USSR. They did not work there and they will not work in Portland. Many companies will just move out of the city limits or the state of Oregon for that matter, along with the jobs. The progressive socialist will not be happy until their policies have made FUBAR out of our economy.

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  2. Mr. Quinn – it’s typical that you have not commented on “conservatives gone wild in North Carolina” – your far right ideology is blatant and apparent! – your blog would be more respected if you were non-partisan.

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    • You have a good point. In many instances the far right is no better. Those actions by the outgoing governor are reprehensible. But in my defense, I have taken on the right and Republicans on several issues. Especially health care.

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  3. Portlanders have long been hostile to businesses. This will accelerate the exodus of the headquarters of companies still left. Nike’s headquarters is not within the city’s limits by the way.

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  4. 1) It not liberals but socialism. 2) I hope all the CEO put their products and services from Portland. 3) I wonder how much of the $2.5 in extra taxes will they use to defend the coming lawsuit?

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    • To illustrate the silliness of this, the top employers in Portland are health care companies such as Kaiser plus a supermarket chain which are unlikely to have the high total compensation packages that garner the publicity. These folks also fail to make the distinction between salaries and total compensation (mostly at risk). Nike, one large area employer, is not based in the city of Portland.

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