CEO Pay and the 99%
The AFL-CIO launched their 2012 Executive PayWatch site—now called CEO Pay and the 99%—which includes the most comprehensive data accessible on 2011 executive pay. All of the data available is searchable by industry, by state and by the top 100 highest-paid CEOs. Check it and help us share it widely.
CEO Pay and the 99% shows that a CEO of a company in the S&P 500 Index, on average, received $12.9 million in total compensation in 2011. That’s a 14 percent raise over the previous year. And that’s on top of a 23 percent increase in 2010.
In stark contrast, the average wage for workers hovered at $34,000 in 2011. Median household income fell $3,700 over the past decade. And those who are employed received an average 2.8 percent raise—barely keeping up with inflation.
The new site also features data on:
Swelling corporate cash stockpiles. Corporations have a record $2.2 trillion in cash on their balance sheets, according to the Federal Reserve. But rather than reinvest this capital to grow our economy and create jobs, CEOs are not deploying these resources.
The widening gap between CEO-to-worker pay. Last year, this ratio of CEO-to-worker pay had widened to an astonishing 380 times. In 1980, CEOs of large U.S. companies made 42 times the average wages of workers.
Mutual funds’ votes on executive pay. Mutual funds wield enormous clout on CEO pay issues in part because of the new “say-on-pay” requirement that shareholders cast an advisory vote on CEO pay. In this new section, investors can look up how their mutual funds voted and ask their mutual funds to vote against runaway CEO pay levels.
The shady world of private equity, which Mitt Romney’s candidacy has brought to light.
You also can take action to rein in out-of-control CEO pay: Send an e-mail to the U.S. Securities and Exchange Commission and urge it to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act’s requirement that public companies disclose their ratio of CEO-to-worker pay.
Tax Wealth Not Work- National Day of Action Tuesday, April 17th
While Florida struggles to keep teachers in their classrooms, ensure our children, seniors, and the disabled receive the health care they deserve, and protect our land and water, wealthy corporations aren’t paying their fair share of state taxes. Instead of working to close corporate tax loopholes that cost Floridians hundreds of millions, extremist legislators along with Gov. Scott continue to unfairly balance our state’s budget on the backs of the middle class.
Meanwhile at the national level, under the Romney-Ryan budget, millionaires and huge corporations will be given even more tax breaks while essential programs and services for working families, military service personnel, students, veterans, seniors and the poor will be cut drastically and thousands of workers laid off.
On Tuesday, April 17th Tax Day, across Florida, we’ll raise our voices to demand that the 1% pay their fair share and that we overhaul the tax code to reflect the needs and values of the majority of Americans. See if there’s an event close to you, sign up to attend, demand corporations pay their fair share!
Orlando: Pink Slip Rick at the Tax Day Tea Party Rally
Sunday, April 15th, 1:30pm
Lake Eola Band Shell
RSVP on FacebookOrlando: Central Florida Tax Day Action
Tuesday, April 17th, 5:30pm
650 N. Alafaya Trail
RSVP at We Are OneInverness: Tax the 1% Protest
Tuesday, April 17th, 12:00pm
Inverness Post Office, 1400 US Hwy 41 N
RSVP at MoveOn.orgGainesville: Tax Day Post Office Informational Picket
Tuesday, April 17th, 5-6:30pm
4600 SW 34th St.
RSVP at We Are OneSt. Petersburg: Occupy Tax Day Protest
Tuesday, April 17th, 12:00pm
St Petersburg Main Post Office, 1st Ave North and 31st Street
RSVP on FacebookTampa: Tax The 1% Rally
Tuesday, April 17th, 3:30-6:30pm
Curtis Hixon Park and then march to the Bank of America on Kennedy
RSVP on FacebookBroward: Three Stooges Tax Day Rally
Tuesday, April 17th, 4-6pm
Sunrise Blvd. & Univeristy Dr.
RSVP on FacebookMiami: Tax Dodgers’ Red Carpet of Shame
Tuesday, April 17th, 4-8pm
Bayfront Park, Miami. 301 Biscayne Blvd
RSVP at We Are OneFort Myers: Tax Day Rally
Tuesday, April 17th, 5-6:30pm
13550 S Tamiami Trl.
RSVP at We Are OneCocoa: Tax Day Action
Tuesday, April 17th, 5-6pm
In front of 5 Points Post Office 1114 Lake Drive.
RSVP at We Are OneJacksonville: Tax Day Event
Tuesday, April 17th, 4:00-6:00pm
1100 King Road.
RSVP at We Are OneWest Palm Beach: Tax Day Rally
Tuesday, April 17th, 5:30-6:30pm
3200 Summit Blvd.
RSVP at We Are One
Stop Wage Theft In Florida By Stopping SB 862/HB 609
Wage theft is a major problem for Florida workers, with an estimated $60-90 million stolen from paychecks. Its a problem that disproportionately impacts lower wage workers in key sectors in Florida’s economy – tourism, retail, and construction. But what is wage theft specifically? A recent report by the Research Institute on Social and Economic Policy at Florida International University explains:
Wage theft is defined as workers not receiving wages that they are legally owed. It occurs in different forms including unpaid overtime, not being paid at least the minimum wage, working during meal breaks, misclassification of employees as independent contractors, forcing employees to work off the clock, altering time cards or pay stubs, illegally deducting money from employees’ pay checks, paying employees late, or simply not paying employees at all. Unfortunately, many employers know they can get away with wage theft and have little fear of sanction. Enforcement mechanisms are weak, due to lack of dedicated enforcement capacity at the state level, limited capacity of local branches of the Federal Department of Labor, and the gaps in U.S. labor laws that leave many employees unprotected.
Miami-Dade county recently passed a strong anti-wage theft ordinance and has already collected $400,000 in stolen wages. Now, extremists in the Florida Legislature are now trying to pre-empt Miami’s ordinance before it spreads to other counties, making it illegal for local governments to pass wage ordinances. Instead, SB 862 and its counterpart HB 609 would only allow state government to take action against wage theft. We all know how that story would end.