Typical of Nancy Pelosi...just had the flap her mouth (just like an ex wife) and put in a jab or two during her speech and pissed off the rest of the Republicans that were going to help get this P.O.S. passed.
So much for looking out for the "Middle Class".
That Executive Compensation provision has no teeth (ex wife again). Does not apply to any existing packages that were already negotiated
"The two things in the [Senate] proposal were a limitation on the deductibility of compensation above $400,000. So if you compensated one of your employees more than $400,000 in a year and you participate in this plan, you wouldn't be able to deduct those payments. There's a provision in law today [Internal Revenue Code §162(m)] that applies to every company in America, which says you can't deduct compensation above $1 million. That was put in back in 1993 [as part of President Clinton's budget bill].
But there're a lot of exceptions to that rule. For example, anything that's considered performance-based compensation -- like stock options or other incentive-based pay -- doesn't count towards the $1 million cap. So one of the open questions that no one knows the answer to right now, is when they talk about this $400,000 cap: Is that cash compensation like the way the $1 million rule works?
So much for looking out for the "Middle Class".
That Executive Compensation provision has no teeth (ex wife again). Does not apply to any existing packages that were already negotiated
"The two things in the [Senate] proposal were a limitation on the deductibility of compensation above $400,000. So if you compensated one of your employees more than $400,000 in a year and you participate in this plan, you wouldn't be able to deduct those payments. There's a provision in law today [Internal Revenue Code §162(m)] that applies to every company in America, which says you can't deduct compensation above $1 million. That was put in back in 1993 [as part of President Clinton's budget bill].
But there're a lot of exceptions to that rule. For example, anything that's considered performance-based compensation -- like stock options or other incentive-based pay -- doesn't count towards the $1 million cap. So one of the open questions that no one knows the answer to right now, is when they talk about this $400,000 cap: Is that cash compensation like the way the $1 million rule works?
