Political Quotes

“Mr. President, I am reintroducing the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act with Senators Blumenthal, Whitehouse, Merkley, Baldwin, Warren, Van Hellene, and Brown. This legislation fully closes a loophole that has allowed publicly traded corporations to deduct the cost of multimillion-dollar bonuses from their corporate tax bills. U.S. taxpayers shouldn't continue to have to subsidize these massive bonuses. Under section 162(m) of the tax code as amended by the 2017 Trump tax law (TCJA), when a publicly traded corporation calculates its taxable income, it is generally permitted to deduct compensation costs from its revenues, with limits up to $1 million for some of the firm's most senior executives. In the 115th Congress, the TCJA got rid of some of the prior 162(m) loopholes by taking provisions from my Stop Subsidizing Multimillion Dollar Corporate Bonuses Act, including removing the exemption for performance-based compensation, which previously permitted compensation deductions above $1 million when executives met performance benchmarks, While these steps were a start, even more should have been done, such as applying section 162(m) to all employees of publicly traded corporations so that all compensation is subject to a deductibility cap of $1 million. This was the only provision from my Stop Subsidizing Multimillion Dollar Corporate Bonuses Act from the l15th Congress that was not incorporated into the Trump tax law.…”