Political Quotes

“Mr. President, I am proud to join Senators Blumenthal, Whitehouse, Merkley, Baldwin, Warren, Van Hollen, and Sanders in introducing the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act. Our legislation would finally fully close a loophole that allows publicly traded corporations to deduct the cost of multimillion-dollar bonuses from their corporate tax bills. At a time when the disparity in pay between CEOs and average workers is 290 to 1, there is no justification for forcing U.S. taxpayers to foot the bill for lavish executive compensation packages. But that is what is happening. Under section 162(m) of the Tax Code, publicly traded corporations cannot deduct more than $1 million in compensation paid to their top executives. Section 162(m), however, does not apply to all employees, and corporations are exploiting this loophole to claim tax deductions for compensation packages for uncovered employees that far exceed $1 million. Indeed, publicly traded corporations are offering these lucrative compensation deals to ever increasing numbers of executives-- not just a few at the very top of the organization--even when revenue growth for these companies slows. Both Republican and Democratic administrations have recognized the need to close loopholes in section 162(m). In fact, both President Trump and President Biden signed laws based on earlier versions of my legislation to curtail the abuse of this deduction.…”