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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTightened executive pay limits tucked into coronavirus aid bill
Senate provision could double the number of highest-paid executives whose compensation cant be written off by their companies
By Doug Sword
Posted March 10, 2021 at 5:30am
Million-dollar compensation packages would get pricier for big corporations under a late insert to keep the $1.9 trillion coronavirus aid package in line with its deficit targets.
A provision that first appeared in the Senates version of the huge relief bill last week and then survived the floor amendment vote-a-rama would potentially double the number of the highest-paid executives whose compensation cant be written off by their companies.
Current law bars public companies from deducting from their tax bills the cost of anything more than $1 million a year in compensation that goes to one of five employees the chief executive officer, the chief financial officer or the three other highest-paid executives at the company.
The Senate-passed bill, expected to clear the House on Wednesday, would add five more highly paid officials to the list. That means the compensation of up to 10 executives at Americas largest companies couldnt be written off if the provision becomes law as expected.
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https://www.rollcall.com/2021/03/10/tightened-executive-pay-limits-tucked-into-coronavirus-aid-bill/
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Tightened executive pay limits tucked into coronavirus aid bill (Original Post)
DonViejo
Mar 2021
OP
And the gop cant bitched about it being snuck in because ronnie the russian had it read aloud
Fullduplexxx
Mar 2021
#3
BumRushDaShow
(137,933 posts)1. I know there's a lot of stuff that I keep hearing was tucked in that bill
Hugin
(34,303 posts)4. No wonder certain Senators were scrambling on this bill...
The meat is always between the lines.
In the first relief package it was the unmasking of shell companies and now this from the current legislation.
BumRushDaShow
(137,933 posts)5. And the whole thing was read out loud in the Senate
going all night long last Friday/Saturday...
Miguelito Loveless
(4,601 posts)2. I would argue that any salary/compensation package
greater than 25x the value of the lowest paid employee (including outsourced "employees" is not tax deductible by the company as a business expense.
Fullduplexxx
(8,126 posts)3. And the gop cant bitched about it being snuck in because ronnie the russian had it read aloud
Phoenix61
(17,347 posts)6. No wonder the Repubs hate it. Taking money
from the poor and giving it to the rich is their MO.
JohnnyRingo
(19,073 posts)7. Shit be happnin'
Remember when Junior said his dad will get more done at his desk in a week than Biden in 4 years?
Asshole better get busy.