S.Amdt. 712

Mr. Reed submitted amendment numbered SA 712 to the concurrent resolution S. Con. Res. 7, which sets the congressional budget for the United States Government for fiscal year 2025 and the budgetary levels for fiscal years 2026 through 2034.

Purpose and Changes

The purpose of this amendment is to add a deficit-neutral reserve fund relating to eliminating corporate deductions for compensation in excess of $1,000,000 at the end of title III.

It aims to allow the Chairman of the Committee on the Budget of the Senate to revise committee allocations, aggregates, and other appropriate levels, and make adjustments to the pay-as-you-go ledger.

These revisions are for legislation 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.

To make these changes happen, the legislation must not increase the deficit over either the total period of fiscal years 2025 through 2029 or the total period of fiscal years 2025 through 2034.