Political Quotes

“today I am introducing legislation that will stop businesses from deducting costs that result from their misconduct as a cost of doing business under our tax laws. Under current law, a corporation or individual business owner may deduct the cost of a punitive damage award paid to a victim as an ``ordinary'' business expense. This is wrong. It undermines one of the primary deterrent functions of our civil justice system, and American taxpayers should not subsidize this misconduct. Punitive damage awards serve in part to correct dangerous or unfair practices. These awards are reserved for the most extreme and harmful misconduct. Our legal history contains prominent examples of corporate misconduct that resulted in the deaths of Americans, and by virtue of our civil justice system was not only punished, but led to broad changes to improve the safety and security of American consumers. The justice system has and will continue to encourage the positive changes that cannot be brought about by regulation alone. But our current tax laws work against the well-established role of the justice system as a backstop to health and safety regulation. One year ago, the Deepwater Horizon drilling rig exploded, killing 11 Americans and leading to the worst oil spill in American history. Just over a year ago, an explosion in the Upper Big Branch Mine in West Virginia claimed the lives of 29 miners.…”