Bloomberg has a news article on Senator Levin's 13-year-old effort to change the tax treatment for companies that compensate employees with stock options. While Mr. Levin is quoted denouncing the current system, the wire service doesn't have any one in the article defending the current rules. "Levin estimated his bill would generate as much as $15 billion in revenue annually," the Bloomberg article says. That's one way of looking at it. Another way of looking at it is that it would subtract as much as $15 billion annually from the private sector and give it to Senator Levin and his fellow politicians to spend. Given that American corporate tax rates are already high by international standards, you'd think politicians would be looking for ways to lower them rather than dreaming up ways to increase them, but Mr. Levin and Bloomberg News don't seem to see it that way.
Bloomberg on Taxing Options