To: The United States House of Representatives
A Petition to Discourage Class Warfare in America
Petition Congress to impose, on every corporation, its subsidiaries, branches, and related companies, or other business organisations with limited responsibility, registered or doing business in the District of Columbia, any of the States of the United States of America, its territories, protectorates and dependencies, which have been, retroactively to fiscal year 2002, bailed out or will in the future be the direct beneficiary of a bail-out (as hereinafter defined) by Congress, an excess profits tax, starting with the corporation's next US fiscal year, equal to 100% of the value of the excess of total annualised remuneration, in the form of salaries, commissions, annuities, perquisites or any other benefit (hereinafter "remuneration"), over $250,000 a year paid or credited to any corporate employee and on his behalf. Exempt from such tax are all domestic corporations where, in any corporate fiscal year, the excess over $250,000 of the annualized remuneration paid or credited by any of such corporations to any of their employees does not exceed 100 times the annualized remuneration, in any such form, paid to the least paid corporation employee during the same fiscal year.
Why is this important?
To help reduce the income gap between the richest and the poorest Americans, impose an excess profits tax to induce corporations (and related subsidiaries, branches, sister companies) and similar organisations, to reduce the gap in the incomes of their own employees through a special 100% corporate tax upon the portion of income over $250,000 received from corporations etc by any one of their employees, when such portion exceeds 100 times the income received from such corporations by their lowest paid employee."
Example: if a full- or part time employee, say, an executive, receives income from his/her corporate employer of more than $250'000 per year and the amount over $250,000, annualised, does not exceed 100 times the income, annualised, received by the corporation's lowest paid employee, the tax does not apply. If the amount exceeds 100 times the income received by the lowest paid employee for the same fiscal year, then an "excess-profits" tax is levied on any corporation which has received a US bailout since 2002, equal to 100% of the excess over $250,000 received by the executive.
Thus, if an executive receives as compensation, say, $1,000,000 annualised (i.e. for part time or full time work) and the lowest paid employee receives, say, $6,000 annualised (full or part time), then the tax on the corporation will be $750.000. If the low paid employee receives $8,000 annualised, there is no tax.
In a company where the gap between richest and poorest paid is very large, say the executive is paid $15 million and the lowest paid employee is paid $120,000, the tax would be $13,750,000.
I have not tested the formula for any but the examples shown. I would not be personally affected by such a law. Those primarily affected would be multimillionnaires earning a very large multiple of what their employees are paid.
Example: if a full- or part time employee, say, an executive, receives income from his/her corporate employer of more than $250'000 per year and the amount over $250,000, annualised, does not exceed 100 times the income, annualised, received by the corporation's lowest paid employee, the tax does not apply. If the amount exceeds 100 times the income received by the lowest paid employee for the same fiscal year, then an "excess-profits" tax is levied on any corporation which has received a US bailout since 2002, equal to 100% of the excess over $250,000 received by the executive.
Thus, if an executive receives as compensation, say, $1,000,000 annualised (i.e. for part time or full time work) and the lowest paid employee receives, say, $6,000 annualised (full or part time), then the tax on the corporation will be $750.000. If the low paid employee receives $8,000 annualised, there is no tax.
In a company where the gap between richest and poorest paid is very large, say the executive is paid $15 million and the lowest paid employee is paid $120,000, the tax would be $13,750,000.
I have not tested the formula for any but the examples shown. I would not be personally affected by such a law. Those primarily affected would be multimillionnaires earning a very large multiple of what their employees are paid.