Sen. Bernie Sanders on Monday unveiled a proposal to reduce massive disparities between executive and worker pay by hiking taxes on corporations that pay their CEOs dramatically more than median employees.\u0022The American people are sick and tired of corporate CEOs who now make 300 times more than their average employees, while they give themselves huge bonuses and cut back on the healthcare and pension benefits of their employees,\u0022 Sanders, a 2020 Democratic presidential candidate, said in a statement.Sanders\u0026#039;s plan would impose a tax increase of 0.5 percent on corporations that pay their CEOs between 50 and 100 times more than their median employees. The penalty would increase progressively for companies with larger CEO-worker pay gaps.The senator\u0026#039;s website outlines the tax penalties under the \u0022Income Inequality Tax Plan,\u0022 which would apply to private and public corporations with annual revenues of more than $100 million.Companies that pay CEOs between 50 and 100 times more than their median employees: +0.5 percentBetween 100 and 200 times: +1 percentBetween 200 and 300 times: +2 percentBetween 300 and 400 times: +3 percentBetween 400 and 500 times: +4 percentMore than 500 times: +5 percentIf the plan were in effect last year, according to the senator\u0026#039;s office, Walmart would have paid as much as $790 million more in taxes, McDonald\u0026#039;s as much as $110.9 million more, and JPMorgan Chase as much as $991.6 million more.\u0022At a time of massive income and wealth inequality, the American people are demanding that large, profitable corporations pay their fair share of taxes,\u0022 said Sanders. \u0022It is time to send a message to corporate America: If you do not end your greed and corruption, we will end it for you.\u0022The Sanders campaign said the revenue raised by the plan would be used to finance the senator\u0026#039;s proposal to eliminate all $81 billion of medical debt in the United States.Americans are sick and tired of corporate CEOs making hundreds of times what their workers make.Walmart: 1,076 to 1The Home Depot: 486 to 1Nike: 379 to 1We say to corporate America: If you don\u0026#039;t end your greed and corruption, we will end it for you. https://t.co/0fW4y4rALS— Bernie Sanders (@BernieSanders) September 30, 2019The plan comes as a new report released Monday by the Institute for Policy Studies (IPS) detailed the \u0022staggering\u0022 CEO-worker pay gaps at some of America\u0026#039;s largest and most profitable corporations. It also comes just days after the Census Bureau found that U.S. inequality in 2018 reached its highest level in five decades.\u0022At the 50 publicly traded U.S. corporations with the widest pay gaps in 2018, the typical employee would have to work at least 1,000 years to earn what their CEO made in just one,\u0022 IPS found. \u0022Among S\u0026amp;P 500 firms, nearly 80 percent paid their CEO more than 100 times their median worker pay in 2018, and nearly 10 percent had median pay below the poverty line for a family of four.\u0022Sarah Anderson, project director at IPS and lead author of the new report, said in a statement that a tax penalty of the kind proposed by Sanders would \u0022build on the living wage movement by encouraging corporations to lift up the bottom and bring down the top of their wage scales.\u0022\u0022Such reforms would also give a boost to small businesses and employee-owned firms and cooperatives that spread their resources more equitably than most large corporate enterprises,\u0022 said Anderson.