Political Quotes

“as Republicans consider tax proposals to disproportionately benefit corporations and the wealthy, they simultaneously fail to address revenue-draining loopholes that compel hardworking taxpayers to subsidize corporate misconduct. Today, I am introducing commonsense legislation--the ``No Tax Write-Offs for Corporate Wrongdoers Act''--to prevent the worst corporate actors from writing off their wrongdoing as simply the cost of doing business. This idea is commonsense. This idea is straightforward. This idea should be bipartisan. Today's tax code allows corporations to deduct the cost of court- ordered punitive damages as an ``ordinary'' business expense. Courts reserve punitive damages for only the most egregious and reckless misconduct--misconduct that usually causes great harm to peoples' lives. For victims who have suffered at the hands of the worst corporate bad actors, there is nothing ``ordinary'' about this loophole. Punitive damage awards are designed to punish wrongdoers for the reprehensible harm they cause--to provide a deterrence to misconduct. By giving corporations a deduction specifically for their wrongdoing, our tax code winks and nods at future wrongdoers who know that they can simply write off the damages they owe for the damage they cause. This is not a theoretical problem.…”