NEW YORK (CBSNewYork) — A local lawmaker has called on Congress to reject the Republican Party’s proposed tax overhaul.
U.S. Senator Kirsten Gillibrand (D-NY) says the middle class has been shrinking, and worker wages have barely budged while corporations have been paying their CEO’s more and more.
It’s time to get back to rewarding work, according to Gillibrand. She says the president’s tax plan would only protect large corporations and the wealthy.
“In fact, from what we’ve seen so far, low income workers and middle class families could see their taxes increase,” she said in a Sunday press conference.
Gillibrand has introduced her own legislation, the Stop CEO Excessive Pay Act, which would close the tax loophole that allows companies to deduct part of the amount they spend on executive compensation.
It would also require a vote among shareholders to determine whether CEO’s should receive substantial raises or bonuses.