A bill to amend the Internal Revenue Code of 1954 to impose an excise tax on the receipt of golden parachute payments and to deny any deduction with respect to such payments.

Amends the Internal Revenue Code to impose a 90 percent excise tax on any golden parachute payment (payments of substantial financial settlements to executives of corporations subject to takeovers). Denies an income tax deduction for the payment of any golden parachute payment.