Support the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act

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The aptly named Stop Subsidizing Multimillion Dollar Corporate Bonuses Act (HR 3970) would end subsidies that enrich CEO pay at the taxpayers’ expense.

How did taxpayers wind up giving free money to corporations for CEO bonuses? The problem stems from a 1993 tax law that was intended to limit corporate tax deductions for executive compensation, but contained a loophole permitting publicly traded corporations to deduct the “performance-based” pay they lavished on top executives.

As a result, taxpayers like you and me are subsidizing multimillion-dollar bonuses and stock options that encourage high-level employees to prioritize short-term profits over the long-term health of their own companies and even our entire economy. Between 2007 and 2010, this loophole cost taxpayers $30 billion.

Make sure your representative knows you want him or her to co-sponsor HR 3970.

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