Bill to penalize high chief executive pay falls short in Calif. Senate

The California Senate on Wednesday could not muster the votes to pass a measure that would have penalized high chief executive salaries with higher corporate taxes. Sen. Mark DeSaulnier (D-Concord) said his bill would have provided corporations with a financial incentive in the form of sliding, lower tax rates if chief executive pay is kept below 100 times the median pay for their employees. The lawmaker singled out the income of top executives at Walt Disney Co., McDonalds and Oracle as being too high in comparison with the median pay of employees of those corporations. “Income inequality and poverty in this state and this country is a far greater risk, I believe, than terrorism...