The main purpose of this legislation, known as the "Stop Subsidizing Multimillion Dollar Corporate Bonuses Act," is to limit the tax deductions that corporations can take for excessive employee pay, particularly for high-ranking executives. The goal is to discourage companies from providing exorbitant bonuses and salaries that are often seen as unjustified, especially when they receive taxpayer support or benefits. Key provisions of the law include changes to the Internal Revenue Code that expand the definition of what constitutes excessive employee remuneration.