In a sign that the gap between the wealthiest Americans and working people remains high, the AFL-CIO’s Executive PayWatch website shows that the average Wisconsin CEO made $4,907,639. In contrast, the average Wisconsin worker makes $38,869.48.
This year’s PayWatch report launches on Tax Day and also looks at “Fix the Debt” CEOs who are pushing for more tax cuts for corporations and the super wealthy while calling for benefits cuts to middle-class programs.
Thirty years ago, the pay of CEOs of large companies in the United States was 42 times the average blue-collar worker’s pay. In 2012, CEOs of S&P 500 Index companies made 354 times what the average rank-and-file worker makes, by far the widest gap in the world. Working families gathered around the country today, Tax Day, to highlight growing wealth inequality and to call for a fair tax system.
Closing the corporate tax loophole that allows U.S. multinational companies to avoid taxation on overseas profits will raise $42 billion in new revenue in 2013 alone. CEO groups like the Campaign to Fix the Debt have called for a territorial tax system that will permanently shelter these overseas profits from taxation.
“Working families aren’t against profits—they just want corporations to pay their fair share,” said Stephanie Bloomingdale, Wisconsin State AFL-CIO Secretary Treasurer. “Our system is rigged so no matter what happens, people like Stephen Roell keep getting richer and working families continue paying for it in the form of slashed jobs, wages, health benefits and retirement. Working behind closed doors to make that happen are groups like CEO-backed Fix the Debt, which drums up debt hysteria to mask their efforts to secure even more tax cuts to the wealthy while plotting to cut Social Security, Medicare and Medicaid benefits for working people.”
“Fair wages, top-notch education, health care and retirement with dignity—these are things that ALL Americans are entitled to, not just the very rich. We need an economy that builds up our working families and creates prosperity for all, not one that protects billionaires.”