Senate OKs Minimum Wage, Tax Bill
Senate Finance Committee Chairman Max Baucus included the punitive damage provision as part of the measure designed to reduce the taxes of small businesses faced with having to pay more to minimum wage-earning employees.
February 2, 2007
Senate OKs Minimum Wage, Tax Bill
The Senate has approved a minimum wage and tax measure that
would eliminate the tax deductibility of punitive damage awards.
Senate Finance Committee Chairman Max Baucus, D-Montana,
included the punitive damage provision as part of the measure designed to reduce
the taxes of small businesses faced with having to pay more to minimum
wage-earning employees. The small business tax relief bill was added to the
larger minimum wage bill late last month.
The House version of the minimum wage increase bill does not
contain the punitive damage provision, and differences between the two versions
eventually will have to be ironed out by a conference committee.
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