Portland, Oregon is raising taxes on companies with CEOs making 100 times employee salaries — and giving the money to the homeless
Dec. 9, 2016, 12:21 PM 26,565
In an effort to combat homelessness, the city government in Portland, Oregon has passed a law that raises corporates taxes on companies whose CEOs make significantly more than their employees.
Companies will see a 10% increase on their tax rate if the CEO makes 100 times the average employee and a 25% increase if they make 250 times the average salary, The Guardian reports.
The stated goal of the policy is to help decrease the homeless population in Portland, which accounts for roughly 1,800 people sleeping on the street each night. In April, local NBC News affiliate, KGW, declared the problem was a “crisis” that had hit a “breaking point.”