Rep. Lloyd Doggett, D-Texas, has introduced legislation to limit tax write-offs for executive bonuses to $1 million per employee.
The Stop Subsidizing Multimillion Dollar Corporate Bonuses Act would expand upon a 1993 law that tried to limit corporate bonuses, but which many companies have since found ways to get around. Doggett’s bill would allow a publicly traded corporation to deduct only up to $1 million in pay per employee, closing the existing loophole by broadening the scope of corporations subject to the restrictions.
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