With the world’s richest person, Tesla CEO and Republican megadonor Elon Musk , on the cusp of becoming the first trillionaire on the planet, two leading progressive lawmakers are calling on Congress to pass a bill to “rein in the obscene salaries of America’s top executives.”

Sen. Bernie Sanders (I-Vt.) and Rep. Rashida Tlaib (D-Mich.) on Monday introduced the Tax Excessive CEO Pay Act with the aim of raising taxes on companies that pay their executives more than 50 times their workers’ wages.

The legislation would impose penalties starting at 0.5 percentage points for companies with CEO-to-worker pay ratios between 50-to-1 and 100-to-1. Firms where executives make more than 500 times their workers’ pay would be forced to pay the highest rate.

The bill would also require th

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