Everybody knows that top corporate executives get paid much more than they’re worth—and that ever-rising income inequality is the result. It’s tempting to conclude that the federal government has never tried to do anything about this, but that isn’t quite right. It’s tried a little bit, and it’s failed. An executive-pay tax included in the recently enacted Covid relief bill furnishes a denouement to this sad story.The provision, tucked quietly into the $1.9 billion stimulus measure, increases from five to ten the number of executives at a given firm for whom any compensation above $1 million may not deducted from the firm’s taxable income. Executive compensation is typically considered an ex
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