,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #aii  ,,in ,,the ,,house ,,of   
,,representatives  ,january #d1 #bjac   
,ms4 ,lee of ,california introduced the 
following bill2 which was referred to   
the ,committee on ,ways and ,means  ,a  
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to limit the            
deductibility of excessive rates of     
executive compensation4  #a4 ,short     
title ,this ,act may be cited as the    
,income ,equity ,act of #bjac4  #b4     
,denial of deduction for payments of    
excessive compensation  7a7 ,in general 
,section #afb of the ,internal ,revenue 
,code of #aihf 7relating to deduction   
for trade or business expenses7 is      
amended by inserting after subsection   
7h7 the following new subsection3  7i7  
,excessive compensation  7#a7 ,in       
general ,no deduction shall be allowed  
under this chapter for any excessive    
compensation with respect to any        
full-time employee4  7#b7 ,excessive    
compensation ,for purposes of this      

subsection1 the term excessive          
compensation means1 with respect to any 
employee1 the amount by which--  7,a7   
the compensation for services performed 
by such employee during the taxable     
year1 exceeds  7,b7 the greater of--    
7i7 an amount equal to #be times the    
lowest compensation for services        
performed by any other full-time        
employee during such taxable year1 or   
7ii7 #ejj1jjj4  7#c7 ,definitions and   
special rules ,for purposes of this     
subsection--  7,a7 ,compensation  7i7   
,in general ,the term compensation      
includes wages1 salary1 deferred        
compensation1 retirement contributions1 
options1 bonuses1 property1 and any     
other form of compensation or bonus that
 the ,secretary of the ,treasury        
determines is appropriate4  7ii7        
,part-year employees ,in the case of any
 part-year employee1 the compensation of
 the employee shall be computed on an   
annualized basis4  7,b7 ,employer ,all  
persons treated as a single employer    

under subsection 7a7 or 7b7 of section  
#eb or subsection 7m7 or 7o7 of section 
#dad shall be treated as #a employer4   
7#d7 ,reporting ,each employer who      
provides compensation in any taxable    
year to any employee in an amount which 
is more than #be times the amount of the
 lowest-compensated full-time employee1 
shall file a report with the ,secretary 
containing--  7,a7 the compensation of  
the lowest-compensated full-time        
employee1  7,b7 the average pay of all  
non-managerial employees1  7,c7 the     
average pay of all executive staff1 and 
7,d7 the exact compensation of the top  
#e employees of the company4  ,any such 
report shall be filed at such time and  
in such manner as the ,secretary may    
require4  4  7b7 ,effective date ,the   
amendment made by this section shall    
apply to taxable years beginning after  
the date of the enactment of this ,act4