Stop Subsidizing Multimillion Dollar Corporate Bonuses
U.S. Senate
Every year, taxpayers are subsidizing giant bonuses to CEOs. That’s because corporations can deduct unlimited amounts of executive compensation from their taxable income — as long as the pay is “performance-based.”
Under the leadership of CEO John Stumpf, Wells Fargo created 2 million accounts that customers never asked for. But in the years while this was happening, taxpayers were effectively subsidizing the fraud, as Wells Fargo cashed in on $54 million in tax subsidies for Stumpf’s “performance-based” compensation!
This has to stop. Tell your Senator: Stop Subsidizing Multimillion Dollar Corporate Bonuses
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Under current law, corporations can deduct unlimited amounts of executive compensation from their taxable income — as long as the pay is “performance-based.” This loophole costs taxpayers more than $5 billion a year according to Joint Committee on Taxation estimates.
Wells Fargo has been one of the largest beneficiaries of the CEO Bonus Loophole. From 2011 - 2015, Wells created 2 million accounts that customers never asked for. Yet, from 2012-2015, Wells Fargo received $54 million in tax deductions for CEO John Stumpf’s compensation, according to a 2016 report by the Institute for Policy Studies.
Please end this unfair tax loophole by passing S. 1127.