The financial crisis cost the American taxpayers untold billions of dollars and millions of foreclosed homes and pushed millions of middle class families into poverty.
While the American middle class hangs on by a thread through a “jobless recovery”, corporations are making record profits and paying out record bonuses as well as outlandish executive compensation packages.
Rep. Barbara Lee introduced the Income Equity Act, which would limit the tax deductibility of executive compensation packages. The bill would eliminate a perverse incentive for excessive compensation. Under current rules, the more a firm pays its CEO, the more the firm can deduct from its taxes.
Contact your Representative today and ask them to co-sponsor the Income Equity Act!