Portland, Ore., is on a crusade to solve income inequality, even if only in its mind.

On Wednesday, Portland’s City Council voted to tax companies whose chief executives make more than 100 times the median employee pay. The move makes Portland the first city in the nation to impose a tax on companies based on CEO pay.

Companies with CEOs whose compensation is more than 100 times the median pay of all of their workers must pay an extra 10% surcharge on top of Portland’s existing 2.2% business income tax. Companies with CEOs who make 250 times will pay an additional 25%. Read More