U.S. Sens. Jack Reed (D-RI) and Richard Blumenthal (D-CT) want to stop unlimited corporate tax write-offs on CEO performance-based pay, which leaves taxpayers holding a $5 billion tab each year.
The
two senators introduced a bill Friday that would limit the tax
deductibility of executive pay to $1 million and eliminate the
exception for commission-based and performance-based compensation.
The bill, the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act, S.1476,
would expand the restrictions to all current and former employees of
all corporations that file periodic reports with the U.S. Securities and
Exchange Commission (SEC).
The Joint Committee on Taxation
estimates the legislation will rein in $50 billion in tax revenue over a
10-year period, the senators said.
“Even as income inequality
rises and middle-class wages stagnate, American taxpayers are
subsidizing tens of billions of dollars in corporate bonuses,”
Blumenthal said in a statement. “We should be investing in working
families, not using taxpayer dollars for tax breaks to corporations that
overpay their executives. Corporations should be free to pay their
executives whatever they wish, just not at the expense of American
taxpayers -- many struggling to make ends meet.” Read more »
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U.S. Sen. Dick Durbin of Illinois says the new regulations the Food and Drug Administration (FDA) has laid out for e-cigarettes do not go far enough to protect children.