Portland cracked down on income equality in the best possible way

Portland cracked down on income equality in the best possible way
Source: AP
Source: AP

Portland, Oregon, came up with a bold policy to close the city's inequality gap once and for all. 

Recently, the city voted in favor of a measure that punishes companies that pay exorbitant salaries to CEOs. Bloated salaries to top executives are a major driver of inequality across the United States, where the average CEO earns more than 200 times what median employees make. In 2015, the average salary for a CEO was $19.3 million. 


The measure requires that a CEO make no more than 100 times what their workers earn. Companies that don't comply with this rule will face a 10% surtax, and any fines collected will be allocated to basic public services such as housing, as well as police and firefighter salaries, according to the New York Times.

Portland estimates it could generate $2.5 million to $3.5 million a year from the new tax measure. 

How much do you trust the information in this article?

Robert Valencia

Robert is a news staff writer based in New York. His writing has appeared in the World Politics Review, Fusion, and the Miami Herald. He's a frequent guest in English- and Spanish-speaking media, including CNN, Univision, Al Jazeera, Public Radio International, and Voice of America. You can reach him at rvalencia@mic.com

MORE FROM

Thousands evacuated in French Riviera as wildfires break out along the coast

Fires are threatening the popular vacation destination.

Warrant suggests Justine Damond may have slapped police cruiser before she was fatally shot

The officers involved in the shooting remain on paid administrative leave.

House passes new sanctions against Russia by an enormous margin

The bill also places limits on Trump’s power to ease or end penalties against Russia.

Paul Manafort is meeting with Senate investigators. Here’s what we know about his Russia ties.

Paul Manafort has Russia links dating back more than 10 years.

Yes, Donald Trump can fire Robert Mueller. Here’s how he can do it.

It's a complicated process, and it could get messy, but he can do it.

Charlie Gard’s parents say they want to take their son home to die

The parents are returning to court to fight for their right to take their son home.

Thousands evacuated in French Riviera as wildfires break out along the coast

Fires are threatening the popular vacation destination.

Warrant suggests Justine Damond may have slapped police cruiser before she was fatally shot

The officers involved in the shooting remain on paid administrative leave.

House passes new sanctions against Russia by an enormous margin

The bill also places limits on Trump’s power to ease or end penalties against Russia.

Paul Manafort is meeting with Senate investigators. Here’s what we know about his Russia ties.

Paul Manafort has Russia links dating back more than 10 years.

Yes, Donald Trump can fire Robert Mueller. Here’s how he can do it.

It's a complicated process, and it could get messy, but he can do it.

Charlie Gard’s parents say they want to take their son home to die

The parents are returning to court to fight for their right to take their son home.