[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 118 Introduced in House (IH)]

103d CONGRESS
  1st Session
H. CON. RES. 118

Expressing the sense of the Congress that any limitation under Federal 
tax law on the deductibility of compensation exceeding $1 million paid 
to executives individually should be expanded to apply to compensation 
                   paid to entertainers and athletes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 1, 1993

 Mr. Solomon submitted the following concurrent resolution; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
Expressing the sense of the Congress that any limitation under Federal 
tax law on the deductibility of compensation exceeding $1 million paid 
to executives individually should be expanded to apply to compensation 
                   paid to entertainers and athletes.

Whereas, under current Federal tax law, a taxpayer carrying on a trade or 
        business may deduct from income a reasonable amount for compensation 
        paid for personal services actually rendered;
Whereas the provision in the Omnibus Budget Reconciliation Act of 1993 limiting 
        the deductibility of executive compensation applies only to the chief 
        executive officers and the other four highest compensated officers in 
        publically held corporations;
Whereas individuals other than chief executive officers and the other four 
        highest compensated officers in publically held corporations, such as 
        professional athletes and entertainers, are highly compensated;
Whereas limiting deductions for the compensation paid to corporate executives 
        only, and not such other individuals, singles out that sector of the 
        economy that reinvests its funds, creates new jobs, and spurs economic 
        growth;
Whereas corporate executives are more likely than entertainers and professional 
        athletes to invest their compensation in stocks and other economically 
        productive investments; and
Whereas exempting compensation paid to entertainers and athletes from the 
        limitation on deductions is incompatible with efforts to improve tax 
        fairness and to encourage productive investment: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of the Congress that any limitation under Federal 
tax law on the deductibility of compensation exceeding $1 million paid 
to executives individually should be expanded to apply to compensation 
paid to entertainers and athletes.

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