BERLIN (Reuters) - Germany's Social Democrats (SPD) have drafted a law to discourage corporations from granting high pay packages to top managers by capping the tax deductions they can get through writing them off as business expenses.
The SPD, which has veered to the left under its new leader Martin Schulz, presented a draft law on Wednesday to limit the tax deduction at 500,000 euros (£421,403.00) annually for members of a listed corporation's management board.
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