SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
To donate by check, phone, or other method, see our More Ways to Give page.
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
But there's a solution: The recently introduced Tax Excessive CEO Pay Act would base the CEO-worker pay ratio on five-year averages of the total compensation for a firm’s highest-paid executive and median worker.
In his first interview since becoming the leader of the Catholic Church, Pope Leo XIV fielded a question about the polarization that is tearing societies apart around the world.
A significant factor, he said, is the “continuously wider gap between the income levels of the working class and the money that the wealthiest receive.”
Pope Leo appears to be particularly baffled by the Tesla pay package that could turn Elon Musk into the world’s first trillionaire.
“What does that mean and what’s that about?” the Pope asked. “If that is the only thing that has value anymore, then we’re in big trouble.”
We are indeed in big trouble. But we are not without solutions.
Sen. Bernie Sanders (I-Vt.) and Rep. Rashida Tlaib (D-Mich.) are spearheading an effort behind one particularly promising solution: hefty tax hikes on companies with huge gaps between their CEO and median worker pay.
Their recently introduced Tax Excessive CEO Pay Act would base the CEO-worker pay ratio on five-year averages of the total compensation for a firm’s highest-paid executive and median worker. The tax increases would start at 0.5 percentage points on companies with gaps of 50 to 1 and top out at five percentage points on firms that pay their CEO more than 500 times median worker pay.
How much might specific companies owe under the bill if they refuse to narrow their gaps? At the Institute for Policy Studies, we ran the numbers on 10 leading US corporations with large pay ratios. We found, for example, that Walmart, with a five-year average pay gap of 1,091 to 1, would have owed as much as $929 million in extra federal taxes in 2024 if this legislation had been in effect.
Amazon, with an even wider gap of 1,995 to 1 and higher profits, would’ve owed as much as an additional $3.1 billion last year.
Source: Institute for Policy Studies analysis of compensation data in proxy statements and US pre-tax income figures from 10-K filings.
Home Depot would have owed as much as $725 million more in 2024 taxes under this legislation. Like most of these companies, the home improvement giant can’t claim to be short on cash. Over the past six years, they’ve blown nearly $38 billion on stock buybacks, a maneuver that artificially inflates a CEO’s stock-based pay. With the money the firm spent on stock buybacks, Home Depot could’ve given every one of their 470,100 employees six annual $13,423 bonuses.
Sen. Sanders pointed out that if Elon Musk receives the full $975 billion compensation package that Tesla’s board has proposed, Tesla could owe up to $100 billion more in taxes over the next decade under this legislation.
“The Pope is exactly right,” wrote Sanders in a social media post. “No society can survive when one man becomes a trillionaire while the vast majority struggle to just survive—trying to put food on the table, pay rent, and afford healthcare. We can and must do better.”
“Working people are sick and tired of corporate greed,” Rep. Tlaib added in a press release. “It’s disgraceful that corporations continue to rake in record profits by exploiting the labor of their workers. Every worker deserves a living wage and human dignity on the job.”
Additional original co-sponsors of the Tax Excessive CEO Pay Act include: Sens. Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), Peter Welch (D-Vt.), Ed Markey (D-Mass.), and 22 members of the House of Representatives.
Polling suggests that Americans across the political spectrum would support the bill. One 2024 survey, for instance, found that 80% of likely voters favor a tax hike on corporations that pay their CEOs more than 50 times more than what they pay their median employees. Large majorities in every political group gave the idea the thumbs up, including 89% of Democrats, 77% of Independents, and 71% of Republicans.
In these hyperpolarized times, Americans of diverse backgrounds, faiths, and political perspectives seem to share enormous common ground on at least one problem facing our nation: the extreme economic divides within our country’s largest corporations.
Will there ever be another figure like him in Hollywood?
One morning my wife answered the phone and someone said, “Is Miles there? It’s Robert Redford.” My wife yelled audibly, “There’s some joker on the phone who says he’s Robert Redford.” I grabbed the phone, and it was indeed him. I had submitted a screenplay written by Larry McMurtry (“Terms of Endearment, “Lonesome Dove,” etc.) for Redford to potentially direct, and he wanted to meet in person.
We did have several meetings in his modest offices that lasted close to an hour each and were much more thoughtful and substantive than most meetings I’ve had with actors and directors. He treated me as an equal, even though he was the biggest movie star in the world and I was just a relative newcomer, having made an Oscar-nominated documentary, managed The Film Fund which made grants to indie filmmakers, and co-founded The Independent Feature Project which later morphed into Film Independent which gives the annual Independent Spirit Awards. We had in-depth discussions of McMurtry's characters, the meaning of the location (Montana), and the screenplay's sub-themes about the dangers of strip mining. For a variety of reasons (probably mistaken in retrospect) I went instead with Francis Coppola to produce who shortly after went bankrupt and tied up the rights to McMurty's screenplay for 7 years, until it was finally made through HBO.
I’m mourning Redford's passing this week, not just because I knew him, however slightly, but because of his singularity in Hollywood as an actor, director, producer, social justice/environmental activist, and founder of the Sundance Film Festival.
Although often dismissed as an acting lightweight because of his extraordinary good looks, Redford actually brought psychological depth and insight to the characters whom he played. Despite all of his dozens of great performances, he never won an acting Oscar, although he received a directing Oscar for "Ordinary People." (He was also awarded an honorary Oscar for "inspiration to independent and innovative filmmakers everywhere" in founding The Sundance Film Festival.)
Redford's passing symbolizes what I believe to be the impending death of the theatrical film as we've known it for over a century to financialization, monopolization, and AI. The movie moguls of old may have wanted to make a profit but they also loved movies. Does David Ellison have that same passion? (I plan to be writing more about this.)
As Hollywood declines, I don’t think there will ever be another figure like Robert Redford.
"What do we do now?" Bob's politician character fatefully asks in the final line of his film "The Candidate."
I wish Bob were still around to help us answer that question.
Veterans call for urgent resistance to genocide!
The activist organization Veterans For Peace, with chapters in over 100 US cities and several countries, is calling for urgent action to end the US-Israeli genocide in Gaza, to defend the Global Sumud Flotilla to Gaza, and to free a disabled veteran kidnapped by Immigration and Customs Enforcement, or ICE.
Israel’s deliberate and systematic genocide in Gaza is taking a critical turn to even greater death and destruction, with Israel’s full onslaught of Gaza City and the displacement (again) of millions. Hundreds of thousands of Palestinians have been martyred. Children are starving to death while the whole world watches in horror.
Why won’t the United Nations or the countries of the world put a stop to the daily bombing and cruel starvation? In the United States, the Zionist lobby is strong and ensures bipartisan political support for Israel, no matter what it does. The US is a full partner in the genocide, as well as in the Israeli attacks on many neighboring countries. It provides the bombs, the planes, and military “intelligence,” and even joins in the bombing, as in Yemen and Iran. It also provides political cover for Israel in international forums. The US has repeatedly used its veto in the UN Security Council to block any actions to censure Israel and end the genocide. US companies continue to profit from doing “business as usual” with Israel.
In the absence of any meaningful action by the world’s governments, a global citizens’ movement has arisen and is currently gathering steam. The Global Sumud Flotilla, with people from 44 countries, is boldly sailing toward Gaza with the intention of breaking the Israeli naval siege and delivering humanitarian aid. Significantly, this humanitarian armada includes a Veterans’ Boat, with members of Veterans For Peace and About Face onboard.
This Thursday, September 18, is the deadline that the UN General Assembly has given to Israel to end the occupation of Gaza. Thousands of people will gather outside the United Nations in New York to demand concrete steps to isolate Israel and end the genocide.
Veterans For Peace (VFP) chapters and members are actively engaged with many such efforts at the local level–exposing complicit US companies, protesting at military bases, and reaching out to our sisters and brothers in the military, many of whom do not want to be complicit in genocide, or to take part in occupying US cities and terrorizing entire communities.
Zahid Chaudhry, president of the Rachel Corrie VFP Chapter in Olympia, Washington, has been kidnapped by ICE and is being denied the medical care he urgently needs. Without immediate treatment, he could permanently lose his peripheral vision. Please follow this link for more information and to sign a petition calling for GEO Group and the Northwest Detention Center to provide the necessary medical care immediately.
Veterans For Peace encourages all its members, friends, and allies to join in the urgent activities over the days and weeks ahead. See VFP Action Alert for details.
We ask everybody to go the extra mile at this critical moment. As VFP member Phil Tottenham wrote from the Veterans' Boat on the Gaza flotilla, “This is not a drill. We need all hands on deck!”
As promised, Trump is rewarding the industry for its campaign spending by adopting its policy agenda as his own.
Fossil fuel interests donated heavily to US President Donald Trump’s 2024 reelection bid. Months after his victory, oil and gas moguls have continued to pump money into his political coffers. Now, as promised by Trump during the campaign, his administration is embracing their policy agenda and governing in a way that is netting the industry billions.
Trump asked oil and gas executives in 2024 to raise $1 billion for his campaign and told them he’d grant their policy wish list if he won. The investment, he said, would be a “deal” given the taxes and regulation they would avoid under his presidency. He also offered to help fast-track fossil fuel industry mergers and acquisitions if he won.
The industry responded by spending lavishly to elect Trump, giving at least $75 million to his campaign and affiliated PACs, thereby making them a top corporate backer of his reelection bid and a crucial source of funding. Several oil tycoons gave millions on their own and hosted fundraisers with Trump and his associates. Some oil and gas executives who hadn’t given Trump money during previous cycles made major donations after attending fundraisers where he pledged to start acting on the industry’s policy priorities as soon as he retook the White House.
That’s just the spending we know about. The 2024 election saw record levels of “dark money” spending, where wealthy interests keep their role secret by funneling money through groups that do not disclose their donors. The fossil fuel industry has a history of deploying dark money tactics, and any such spending in 2024 would inherently be obscured.
The fossil fuel industry is reaping major returns on its investment in the Trump administration. But what about the costs?
Even after Trump’s victory in 2024, oil and gas interests have continued to pour money into his political operation. They gave $11.8 million to his inauguration fund, and even though Trump cannot run for a third term, his main super PAC has raked in millions more from the industry since he took office—including $25 million from oil producer Energy Transfer Partners and its CEO, Kelcy Warren.
As promised, Trump is rewarding the industry by adopting its policy agenda as his own. His signature legislative package—which one executive deemed “positive for us across all of our top priorities”—gives oil and gas firms $18 billion in tax incentives while rolling back incentives for clean energy alternatives. He’s placed fossil fuel allies in charge of the agencies that oversee the industry and fast-tracked drilling projects on public lands. In just his first 100 days back in office, Trump took at least 145 actions to undo environmental rules—more than he reversed during his entire first term as president. Before Trump even reentered the White House, the industry was reportedly pre-drafting executive orders for him to issue.
The profits are already rolling in for the industry. Take Warren and Energy Transfer Partners. Trump ended a Biden-era pause on liquefied natural gas exports and cleared the way for Energy Transfer Partners (which extracts liquefied natural gas) to extend a major project. Warren’s personal wealth grew nearly 10% after the administration green-lit the project as Energy Transfer Partners reported a boost in profits.
There’s also Occidental Petroleum, which donated $1 million to Trump’s inaugural committee, and whose CEO cohosted a major fundraiser for Trump in May 2024. Occidental is especially well positioned to see boosted profits from the sprawling array of favorable subsidies and tax incentives in his signature bill, passed into law this summer.
Now the Trump administration is taking its biggest swing yet for fossil fuel interests: repealing the “endangerment finding,” the federal government’s formal acknowledgement that global warming from greenhouse gases, produced by burning fossil fuels, endangers the public. The finding gives the government legal authority to set clean air rules, and it’s long been the subject of the fossil fuel lobby’s ire, surviving more than 100 challenges in court. Revoking the finding would erase scores of clean air rules that the industry opposes.
The fossil fuel industry is reaping major returns on its investment in the Trump administration. But what about the costs? Extreme weather events such as flooding, wildfires, and severe storms—which overwhelming scientific consensus has concluded are driven by global warming from fossil fuel usage—are becoming increasingly common, inflicting billions of dollars of damage on American communities and costing thousands of people their lives and livelihoods each year. Life-threatening summer heat affected more than 255 million Americans this year alone. It does not appear that these concerns are having any major impact on government policy, and instead, the administration fired hundreds of scientists tasked with tracking these issues.
Trump is far from the first president to use the office in ways that reward wealthy donors. Decades of harmful Supreme Court decisions, decaying anticorruption and campaign finance guardrails, and inadequate enforcement of existing rules around money in politics have enabled an unprecedented concentration of wealth and political power. So while Trump’s embrace of the fossil fuel industry’s agenda isn’t breaking entirely new ground, it offers yet another stark example of how wealthy interests are shaping policies that affect the lives of all Americans.