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The city of Portland, Oregon, is imposing a surtax on companies whose CEOs earn more than 100 times the median pay of their lower-wage workers.

Companies will see a 10 percent increase on their tax rate if the CEO makes 100 times the average employee and a 25 percent increase if they make 250 times the average salary, The New York Times reported.

The new law, which passed 3-1 in the city council, is estimated to generate about $2.5 to $3.5 million per year, which will be used to address income inequality on a local level.

On "Your World" today, Portland City Commissioner Steve Novick said that aside from climate change, extreme economic inequality is the greatest problem of our time.

"The richest one percent - and especially the richest one-tenth of one percent - have far more income and wealth and power than they did 40 years ago," Novick said. "And it's been economically destabilizing, socially destabilizing, politically destabilizing."

Neil Cavuto countered that this will just lead to businesses leaving Portland to cities with more friendly tax rates.

He said that CEO pay should be decided by companies, and it's not up the city council's to attempt to influence it with taxes.

Watch more above, and let us know what you think in the comments.

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