Petition Closed
Petitioning U.S. House of Representatives

Tell Congress: Rein in out of control Wall Street spending!


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!

Letter to
U.S. House of Representatives
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.

To understand the impact of the upside down incentives that our tax code creates, I encourage you to review this report by the Institute for Policy Studies. Their report documents 25 corporations that paid their CEO’s more than the entire company paid in federal income taxes. Their hard hitting report can be found here: http://www.ips-dc.org/reports/executive_excess_2011_the_massive_ceo_rewards_for_tax_dodging/

Let’s be clear: limiting the tax deductibility of these out of control pay packages does not stop any company from compensating their executives any amount they choose, it simply keeps them from passing the buck on to the American taxpayers. We shouldn’t be allowing excessive compensation, which is more than 25 times that of the lowest paid workers at the company, to be almost completely deductible.