[NYTIMES] 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. That's sure to make the city more business friendly.
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.
The tax will take effect next year, after the Securities and Exchange Commission begins to require public companies to calculate and disclose how their chief executives’ compensation compares with their workers’ median pay. The S.E.C. rule was required under the Dodd-Frank legislation enacted in 2010.
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.
Criticism of how much chief executives are paid has risen in recent years as their compensation has grown substantially. In 2015, the median compensation for the 200 highest-paid executives at public companies in the United States was $19.3 million, up from $9.6 million five years earlier.
Posted by: Fred ||
12/10/2016 00:00 ||
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#7
Any half-way competent executive comp deal will have a gross up clause. Company just picks up the slack so that its C level people take home the same amount. As it's a cost to the company, prices for its good and services have to go up to cover the difference. When that makes the company noncompetitive they either close shop or move. If Portland had had any questions about this, they could have just asked California.
[Iran Press TV] Outgoing Vice President Joe Foreign Policy Whiz Kid Biden The former Senator-for-Life from Delaware, an example of the kind of top-notch Washington intellect to be found in the World's Greatest Deliberative Body... has lambasted the 2016 US presidential election, saying he feels "embarrassed" by the ugly nature of the race.
Biden made the comments during a forum in Washington, DC, on Thursday, lamenting that this year's presidential contest was a substance-free spectacle and devoid of policy or discussions of governance.
"This has been a very tough election. It's been ugly, it's been divisive ...politicians call things divisive when when the other side sez something they don't like. Their own statements are never divisive, they're principled... , it's been coarse, it's been dispiriting. And it was more a battle of personalities than it was a battle of ideas in my view," Biden said.
"I find myself embarrassed by the nature of the way in which this campaign was conducted. And so much for the shining city on the hill," he said, using a metaphoric reference to America.
"For a lot of folks, it feels as if we’re more divided than we’ve ever been in our history and that the election brought out the worst in the political system," Biden noted.
In his remarks, the vice president took a jab at the media, arguing that the reason why the recent presidential race lacked real political discussions was due to the poor coverage of the Democratic candidate’s debates and ideas.
"Why wasn't there more discussion?" Biden asked. "Hillary Clinton ... former first lady, former secretary of state, former presidential candidate, sometimes described by her supporters as the smartest woman in the world, usually described by the rest of us as a crook... was the single most qualified on the fact of it to run for president of the United States that we've had, period. It wasn't that she didn't have all these ideas. She did. But the press, you didn't cover it."
He also warned about the future outcome of campaign trail sloganeering the US President-elect Donald Trump ...New York real estate developer, described by Dems as illiterate, racist, misogynistic, and what ever other unpleasant descriptions they can think of, elected by the rest of us as 45th President of the United States... used in the run-up to the Election Day, calling for vigilance among progressives when the new administration assumes office.
Posted by: Fred ||
12/10/2016 00:00 ||
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How can you embarrass someone without scruples? My vote is he didn't like the delivery of their message.
#2
In his remarks, the vice president took a jab at the media, arguing that the reason why the recent presidential race lacked real political discussions was due to the poor coverage of the Democratic candidate’s debates and ideas.
"Why wasn't there more discussion?" Biden asked.
Uh...because YOUR political shills masquerading as "the media" were so intent on *annointing* that corrupt bitch that they couldn't be bothered to ever actually discuss the issues with that hardened *criminal* of a candidate.
#6
Hillary Clinton was the single most qualified on the fact of it to run for president of the United States that we've had, period.
Sorry Joe - you sayin' it doesn't make it so. You've served your country well and suffered tragedy in your life. You have a few good years ahead of you. Time to find that place on the Delaware shore and quietly work on your memoirs.
Posted by: Bangkok Billy ||
12/10/2016 9:06 Comments ||
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#7
Bye, Moron
Posted by: Frank G ||
12/10/2016 9:06 Comments ||
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If you want discussion of the issues and the issue you is corruption there's probably a reason you want to talk about global warming, unless it gets cold. Then you wanta talk about climate change.
Posted by: Fred ||
12/10/2016 10:04 Comments ||
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"But the press, you didn't cover it." Oh really?
#10
That's OK, Joe. You've been an embarrassment to this country for many long years...and if you follow the Al Gore example you can keep embarrassing this country for many more years to come!
Posted by: Abu Uluque ||
12/10/2016 11:18 Comments ||
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I like Mr. Biden. No - seriously.
I always liked that he was brought forth for the cameras to stand behind Mr. Obama's right shoulder, adding an elder-statesman gravitas as the President made a particularly galling speech, or committed yet another political faux pas.
It was particularly uplifting to see how valued he was when he was sent to other countries to patch over the administration's numerous foreign policy blunders.
And best of all, he always answered the call of the Oval Office and stayed out of sight otherwise.
And for Mr. Biden to be "embarrassed" - well, there's a phrase or two about larvae or prostitutes that come to mind. But this is supposed to be a family-friendly site.
[POLITICO] Former New York Mayor Rudy Giuliani pulled out of the secretary of state sweepstakes late last month, President-elect Donald Trump ...New York real estate developer, described by Dems as illiterate, racist, misogynistic, and what ever other unpleasant descriptions they can think of, elected by the rest of us as 45th President of the United States... ’s transition team said Friday, as Trump has widened his search to select the nation’s top diplomat.
"Rudy Giuliani is an extraordinarily talented and patriotic American. I will always be appreciative of his 24/7 dedication to our campaign after I won the primaries and for his extremely wise counsel," Trump said in a written statement. "He is and continues to be a close personal friend, and as appropriate, I will call upon him for advice and can see an important place for him in the administration at a later date."
The transition team said that he withdrew on Nov. 29, though aides had mentioned him as one of four contenders multiple times after that date.
Giuliani had previously publicly campaigned for the post, but on Friday he explained his decision to withdraw.
"The whole thing was becoming kind of very confusing and very difficult for the president-elect, and my desire to be in the Cabinet was great, but it wasn't that great," Giuliani said in a Fox News interview. "He had a lot of terrific candidates, and I thought I could play a better role being on the outside and continuing to be his close friend and adviser."
Posted by: Fred ||
12/10/2016 00:00 ||
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A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
[Iran Press TV] Outgoing Vice President 
Hillary Clinton
