Some Good News Out of the US Election

While most progressives will be groaning about the closeness of the Presidential race, the losses in the House, and the likelihood that Mitch McConnell will continue to block any advance in the Senate, there were a few good results of the election.

The best, to my mind, was the success in San Francisco of a law to penalize corporations that pay their CEOs more than 100 times more than their median-paid workers.

“The tax is expected to raise $60 million to $140 million per year. Large businesses—those with over $1 billion in gross receipts, 1,000 employees nationwide, and administrative offices in San Francisco—would pay an additional tax of 0.4 percent to 2.4 percent of their San Francisco payroll expenses. Other businesses that pay taxes on gross receipts instead of payroll expenses “would pay an additional tax from 0.1 percent to 0.6 percent of [their] San Francisco gross receipts” …

“The more inequity between the top executive and their workers, the higher the surcharge. Corporations can avoid the tax by simply paying their executives less or by raising their employees’ wages.”

A recent study of the 350 biggest companies in the US found that CEOs were paid about 320 times the average worker.

Other successes were the expansion of legal marijuana to four other States, the decriminalization of small quantities of all drugs in Oregon, and the ending of slavery potential in Nebraska (only 157 years after the Emancipation Procalamation).

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