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Calif. Senate To Weigh Bill Tying Tax Rate To CEO Pay

Calif. Senate To Weigh Bill Tying Tax Rate To CEO Pay

Law360, New York (May 27, 2014, 2:51 PM ET) — A California bill that aims to impose higher corporate taxes on public companies with exorbitant CEO salaries will be considered by the state Senate after passing its final committee hurdle on Friday.

SB 1372, which would increase taxes on companies that pay its top executives more than 100 times what it pays its average worker and imposes a penalty on corporations that shift hiring to contract employees, passed in the California Senate Appropriations Committee by a 5-2 vote.

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