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Democrats consider new taxes aimed at CEO pay, stock buybacks for $3.5 trillion budget plan

  • Democrats are weighing a proposal to impose an excise tax on publicly traded companies that repurchase a "significant" amount of stock.
  • The list, which was obtained by CNBC, also includes a tax on firms with CEO pay that exceeds a to-be-determined ratio to the company's average worker.
  • A related plan would repeal major tax subsidies for fossil fuels, including credits and accelerated deductions for extraction.

Senate Minority Leader Chuck Schumer (D-NY) speaks during a press conference on the coronavirus outbreak at the U.S. Capitol March 11, 2020 in Washington, DC. Schumer and other members of the Democratic caucus called for corporations and employers to offer paid sick leave to all employees following recommended health procedures. Also pictured (L-R) are Sen. Sherrod Brown (D-OH), Sen. Ben Cardin (D-MD), Sen. Ron Wyden (D-OR), Sen. Patty Murray (D-WA), Sen. Patrick Leahy (D-VT) and Sen. Mark Warner (D-VA).Win McNamee | Getty Images

Congressional Democrats are weighing a raft of new taxes to help pay for their $3.5 trillion budget bill that would target corporate bigwigs and the nation's largest companies that buy back shares.

On a discussion list of several new and expanded potential taxes is a proposal to impose an excise tax on publicly traded companies that repurchase a "significant" amount of stock.

The list, which was obtained by CNBC, also includes a tax on firms with CEO pay that exceeds a to-be-determined ratio to that of the company's average worker.

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