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FEI Tax Committee Comments on Proposed Business Tax Hikes
April 3, 2007
FEI Summary
On March 14, 2007, the House Ways & Means Committee held a hearing to discuss several “revenue raisers” passed by the Senate as part of its minimum wage/small business tax relief bill (H.R. 2). As drafted, the Senate bill would raise the minimum wage by $2.10 over two years, and would provide several tax breaks for small businesses. To pay for these tax breaks, the bill would impose a series of tax hikes that would impact large companies.
Among the tax hikes included in the Senate bill are new, arbitrary caps on non-qualified deferred compensation; the denial of deductibility for punitive damage payments and negotiated settlement payments; and new limits on the deductibility of executive compensation.
FEI’s Committee on Taxation (COT) has submitted formal comments for the record of the Ways & Means hearing.
Should you have any questions, please contact Mark Prysock, mprysock@FinancialExecutives.org Director of Public Affairs and General Counsel at FEI.
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