Republicans look at limiting corporate expensing of salaries above $1 million

The WSJ reports that Republicans are looking at a proposal that the Biden administration had floated: Limiting the deductibility of corporate salaries above $1m.

The move would raise around $20 billion per year, which still leaves a huge funding cap.

Bessent said this week that Republicans are looking to pass the bill before July 4, later than the initial Memorial Day push.