Dems take aim at stock option deduction

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Dems take aim at stock option deduction

The Hill – With deficit reduction all the rage now, a key Democratic senator is hoping for fresh momentum for his push to overhaul corporate tax deductions on stock options.

Sen. Carl Levin of Michigan announced on Friday that he was introducing, for a fifth time, legislation to fix what he says is a mismatch between accounting and tax rules on stock options.

The bill, also backed by Sen. Sherrod Brown (D-Ohio), would bring in close to $25 billion over a decade in extra revenues, according to the Joint Committee on Taxation, and comes as policymakers are searching for ways to close yawning budget gaps.

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