"No Special Deals for Executives Act of 2006" going no where this year

I just came back from a DC walk about week, and am afraid the one bill that I liked this session appears to be going nowhere in this Congress.

On March 7, Representative Mark Kennedy (R-MN-6) introduced H.R. 4884, a bill that would tax recipients of nonqualified deferred compensation (NQDC) if their employers' pension plans become underfunded by more than 20 percent of the funding target. It defines the plan's funding target as the present value of all liabilities to participants and their beneficiaries under the plan for the plan year. Representative Kennedy named his bill the "No Special Deals for Executives Act of 2006."

While the bill was referred to the Committee on Ways and Means, that Committee has no plans to take it up - despite it's GOP sponsor. Seems no one wants to take on the CEO's - or rather their companies - by making taxable as addition income received BY THE FUNDING COMPANY for the "years services" those funds/assets set aside to fund TOP HAT non-tax qualified as a deduction defined contribution plans - making such arrangements taxed under IRC Section 83 as property transferred in connection with the performance of services, whether or not the assets were available to satisfy claims of general creditors.

So folks - all those looking for a carrot or stick to help cut back CEO greed as the CEO's and owners screw the American work force out of their defined benefit plans - do not expect a great deal from this Congress. Indeed it appears the RW GOP rich and corporate have succeeded in getting a media blackout on stories that this bill exists. So no serious attention in the near future as the rich and corporate try to sell the idea that all the fairness that an American Worker needs in pensions was accomplished via the minor changes that were put though IRS Code Section 409A a while back.

nonqualified deferred compensation - called a gift that you do not get taxed on as the company gives you the money each year as long as you do not grab it that year - appears to be the way to go for the RW Rich and Corporate - and this is just like Grover Norquist has been pushing for the last few years as he has had the RW "think tanks" sell the "stability of small 401k programs/defined contribution programs" as a substitute for a real defined pension program (the funding of that later defined benefit program can be made extremely stable if that was the real problem, rather than the real problem for the rich and corporate being their fear that the fake accounting earnings - albeit real assets gains - that arose under FASB 87 rules during the good years under Clinton will now get reversed under the crappy earnings/asset losses relative to liability years that we are now experiencing under W).

this, let alone authored it. That tells me that it was never intended to go anywhere, was only put out to give him something to crow about as he tries to steal Mark Dayton's Senate seat this fall. Couple this legislation with the obvious connotation/confusion with his last name and one might think he represents the pulse of good ol' liberal Minnesota.

Well, we are tending Right up here, sadly, but I don't think most will be fooled by this BushCo wannabe.

in a Committee that is controlled by the GOP.