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Congress Eyes Exec Comp Tax Hike

Financial Executives International says an increase would hurt competitiveness, countering public sentiment that financial executives already make too much

By Staff Writer | Updated on October 01, 2007

Opposition from business to the current Senate Finance Committee proposal for raising executive compensation taxes is gathering force–although it will have to buck a tide of public sentiment that top management is making out like bandits in both tax treatment and compensation. Financial Executives International (FEI)–the professional association representing some 15,000 CFOs, controllers and other finance executives–shot off a letter to Capitol Hill, protesting the congressional attempt to resurrect sections 409A and 162(m) of the tax code.

According to FEI, these two revenue-raising tax provisions would undermine U.S. competitiveness. The proposals were part of the Senate version of the Small Business and Work Opportunity Act of 2007 (H.R. 1591) and aimed squarely at excessive executive compensation and retirement packages.

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