The Senate Finance Committee today approved with little debate a proposal that would sharply limit executive deferred compensation plans.
Insurance industry groups are saying the non-qualified deferred comp, which has been added to the Senate’s minimum wage bill, could have a big effect on the tax-deferred compensation packages that life insurance underwriters and life insurance agents sell.
The House passed its minimum wage bill, H.R. 2, last week.
Over in the House, Rep. Charles Rangel, D-N.Y., has said he does not want to see colleagues add tax provisions to the minimum wage bill.
Members of the Senate Finance Committee do want to add tax breaks, and they have been looking for ways to offset the cost of the tax breaks.
The non-qualified deferred comp amendment would: