A financial transaction tax would help Wall Street work for Main Street, experts at the left-leaning Economic Policy Institute (EPI) argue in a new report.
In light of the Democratic Party endorsing a financial transaction tax in its platform, EPI's report details how much revenue such a policy could raise, putting the figure anywhere between $110 billion to $403 billion annually.
The tax would impose a small levy on trades of stocks, bonds, derivatives and other financial transactions.
CEOs at America's largest firms received an average of $15.5 million in compensation last year, meaning they earned 276 times more than the typical worker in 2015, new research shows.
The $15.5 million in average CEO compensation was down about 5 percent from 2014, when the figure was $16.3 million, and up 46.5 percent since the economic recovery began in 2009, according to the Economic Policy Institute (EPI).
"Most (83 percent) of the decline in CEO pay from 2014 to 2015 can be explained by the drop in the value of realized stock options in that period," EPI's report reads. "Therefore the decline in compensation does not reflect any structural change in how CEO compensation is set or changes in corporate governance. CEO compensation will likely resume its upward trajectory when the stock market resumes upward movement."
In a stunning development, Britain has voted to exit the European Union, a decision that has forced the prime minister to resign, sent stock markets into turmoil and pushed the British pound down to a 31-year low.
The Federal Reserve struck an encouraging note Wednesday: It will further cut its bond purchases because the U.S. job market needs less help. And it said the economy had strengthened after all but stalling during a harsh winter.