Text of Senate Amendment 712

Text of Senate Amendment 712

Congressional Record, Volume 171 Issue 34 (Thursday, February 20, 2025) [Congressional Record Volume 171, Number 34 (Thursday, February 20, 2025)] [Senate] [Page S1230] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 712. Mr. REED submitted an amendment intended to be proposed by him to the concurrent resolution S. Con. Res. 7, setting forth the congressional budget for the United States Government for fiscal year 2025 and setting forth the appropriate budgetary levels for fiscal years 2026 through 2034; which was ordered to lie on the table; as follows: At the end of title III, add the following: SEC. 3___. DEFICIT-NEUTRAL RESERVE FUND RELATING TO ELIMINATING CORPORATE DEDUCTIONS FOR COMPENSATION IN EXCESS OF $1,000,000. The Chairman of the Committee on the Budget of the Senate may revise the allocations of a committee or committees, aggregates, and other appropriate levels in this resolution, and make adjustments to the pay-as-you-go ledger, for one or more bills, joint resolutions, amendments, amendments between the Houses, motions, or conference reports relating to reducing the tax code's subsidization of corporate compensation, which may include eliminating corporate deductions for compensation in excess of $1,000,000, by the amounts provided in such legislation for those purposes, provided that such legislation would not increase the deficit over either the period of the total of fiscal years 2025 through 2029 or the period of the total of fiscal years 2025 through 2034. ______