AFL-CIO PayWatch Website Tracks CEO Pay on Tax Day

(Metropolitan Washington Council, AFL-CIO)Today is Tax Day, and while working families gathered around the country to highlight growing wealth inequality and to call for a fair tax system, the AFL-CIO launched its annual Paywatch site today, showing that the gap between the wealthiest Americans and working people remains high. Locally, CEO annual pay averages $5.6 million in Maryland (while worker pay averages $45,880), $4.6 million in Virginia ($45,464 for workers) and $5.9 million in DC ($68,581 for workers). Thirty years ago, the pay of CEOs of large companies in the United States was 42 times the average blue-collar worker’s pay, but as of last year, 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. Closing just one corporate tax loophole that allows U.S. multinational companies to avoid taxation on overseas profits would raise $42 billion in new revenue in 2013 alone. “Working families aren’t against profits— we just want corporations to pay their fair share,” said Metro Washington Council President Jos Williams. “Our system is rigged so that no matter what happens, CEOs keep getting richer and working families pay with slashed jobs, wages, health benefits and retirement. We need an economy that builds up our working families and creates prosperity for all, not one that protects billionaires.”