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California Bill Boosts Corporate Taxes for High-Paid CEOs

California lawmakers are proposing higher tax rates on companies that pay their chief executive officers more than 100 times the wages of a typical worker, seeking to create an incentive to reduce income inequality.

The bill, which would likewise give tax breaks to companies with lower ratios, passed the Senate Governance and Finance Committee yesterday in a 5-2 vote, with Democrats in favor and Republicans opposed.