WASHINGTON, DC—(ENEWSPF)—August 2, 2013. At a time when programs like Medicare and defense spending are facing growing budget austerity, U.S. Senators Jack Reed (D-RI) and Richard Blumenthal (D-CT) are introducing the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act (S.1476). This legislation would close a major loophole in current corporate tax law by putting an end to unlimited tax write-offs on performance-based executive pay. Over a 10 year window, the Joint Committee on Taxation estimates this legislation would close a loophole that costs U.S. taxpayers over $50 billion.
