Starbucks’ CEO made 6,666 times more than his workers in 2024 | US income inequality

Starbucks’ CEO, Brian Niccol, made 6,666 occasions greater than his common employee final yr, in keeping with a report on the rising hole between high executives and their employees.The inequality hole between CEOs’ pay and that of their median employees rose in 2024 to 285 to 1 from 268 to 1 in 2023, in keeping with a report launched this week by the biggest federation of labor unions within the US, the AFL-CIO.CEO pay rose 7% in 2024 amongst S&P 500 corporations, a rise of $1.24m from 2023.Niccol, who joined the corporate in September 2024, acquired greater than $97.8m in whole compensation in 2024. The standard Starbucks employee’s pay was lower than $15,000.“The median Starbucks employee would have needed to begin working for Starbucks in 4643 BC (throughout the Stone Age!) simply to earn what Starbucks’ CEO earned in 2024 alone,” the report acknowledged.The report notes Trump’s “large, stunning” reconciliation invoice handed this yr will hand the typical CEO of an S&P 500 firm a $489,118 tax reduce, 639 occasions greater than the median US employee.“Company CEOs are raking in tens of millions, and now they’ll get one other kickback from President Trump’s tax reduce present and anti-worker agenda,” mentioned Fred Redmond, secretary treasurer of the AFL-CIO. “Trump is paying for this handout to CEOs by slicing healthcare, meals help and tons of of hundreds of jobs that depend upon authorities investments.”An evaluation by the Institute on Taxation and Financial Coverage discovered the highest 1% of US households, by revenue, will collectively obtain a tax reduce of $1.02tn over the subsequent decade because of the reconciliation invoice.Donald Trump first ran for president criticizing exorbitant CEO pay, claiming he was going to lift taxes on them.skip previous publication promotionSign as much as This Week in TrumplandA deep dive into the insurance policies, controversies and oddities surrounding the Trump administrationPrivacy Discover: Newsletters might include information about charities, on-line advertisements, and content material funded by exterior events. For extra info see our Privateness Coverage. We use Google reCaptcha to guard our web site and the Google Privateness Coverage and Phrases of Service apply.after publication promotion“You see these guys making these monumental quantities of cash, and it’s a complete and full joke,” Trump mentioned in 2015 throughout an interview throughout his first presidential marketing campaign. “They pay little or no tax, and that’s going to finish after I come out with my plan in about three weeks, might be before that … We’re going to be decreasing taxes for the center class. However for the hedge fund guys, they’re going to be paying up.”Within the wake of Trump’s 2017 tax cuts, companies noticed their tax charges fall from a median of twenty-two% to 12.8% after the regulation went into impact.Below his first presidential time period, common CEO pay rose from $13.1m in December 2016 to $15.5m in December 2020. Company revenue tax collections dropped within the wake of Trump’s 2017 tax cuts by $93bn in 2018.