This ought to be good for the business climate in Portland. The place is already regulated to death. But hey Keep Portland Regulated! Right? I mean, I mean Weird. Keep it Weird. That’s what I meant.
The best thing about this is that the city can now hire hundreds of new employees to try to figure out the new tax bills and send out.
(From The Washington Examiner)
Portland, Ore.,’s city council passed a measure Wednesday that would tax companies with high CEO pay, making it the first jurisdiction in the U.S. to attempt to directly target inequality within companies.
The law will establish a business surtax of 10 percent on any publicly traded company doing business in Portland at which the ratio of CEO pay to median worker pay is more than 100. The surtax will rise to 25 percent for companies with ratios over 250. It goes into effect in January.