Political Quotes

“Mr. President, I am introducing the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act with Senators Blumenthal, Whitehouse, Merkley, Baldwin, Warren, Van Hollen, and Brown. This legislation would end special tax deductions for huge executive bonuses by closing a loophole that still allows publicly traded corporations to deduct the cost of multimillion-dollar bonuses from their corporate tax bills. U.S. taxpayers shouldn't 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 the cost of compensation from its revenues, with limits up to $1 million for some of the firm's most senior executives. In the last Congress, the TCJA closed some of the pre-existing 162(m) loopholes by incorporating 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 set by the corporation's Board of Directors. In addition, a technical correction from my bill to ensure that all publicly traded corporations that are required to provide quarterly and annual reports to their investors under Securities and Exchange Commission rules and regulations are subject to section l62(m) was also included in the TCJA.…”