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Stop Subsidizing Multimillion Dollar Corporate Bonuses Act

3/14/2024, 11:34 AM

Summary of Bill S 3155

Bill 118 s 3155, also known as the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act, aims to address the issue of large corporations using taxpayer subsidies to fund excessive executive bonuses. The bill seeks to prohibit companies that receive federal subsidies from using that money to pay bonuses exceeding $1 million to their top executives.

The legislation is designed to ensure that taxpayer dollars are not being used to reward corporate executives with exorbitant bonuses, especially in cases where the company is already receiving financial assistance from the government. By capping executive bonuses at $1 million, the bill aims to promote greater accountability and responsible use of taxpayer funds.

Supporters of the bill argue that it is necessary to prevent the misuse of taxpayer subsidies and to promote fairness in corporate compensation practices. They believe that limiting executive bonuses will help to reduce income inequality and ensure that companies are using taxpayer funds in a responsible manner. Opponents of the bill may argue that it interferes with the free market and could potentially discourage top talent from working for companies that receive federal subsidies. They may also argue that executive compensation should be determined by market forces rather than government regulation. Overall, Bill 118 s 3155 seeks to address the issue of excessive executive bonuses at companies that receive federal subsidies, with the goal of promoting greater accountability and responsible use of taxpayer funds.

Congressional Summary of S 3155

Stop Subsidizing Multimillion Dollar Corporate Bonuses Act

This bill extends the $1 million limit on the deductibility of executive compensation to all employees of publicly traded corporations.

Current Status of Bill S 3155

Bill S 3155 is currently in the status of Bill Introduced since October 26, 2023. Bill S 3155 was introduced during Congress 118 and was introduced to the Senate on October 26, 2023.  Bill S 3155's most recent activity was Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5216) as of October 26, 2023

Bipartisan Support of Bill S 3155

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
14
Democrat Cosponsors
12
Republican Cosponsors
0
Unaffiliated Cosponsors
2

Policy Area and Potential Impact of Bill S 3155

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 3155

Stop Subsidizing Multimillion Dollar Corporate Bonuses Act
Stop Subsidizing Multimillion Dollar Corporate Bonuses Act
A bill to amend the Internal Revenue Code of 1986 to expand the denial of deduction for certain excessive employee remuneration, and for other purposes.

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