This bill proposes to amend the Internal Revenue Code of 1986 by denying the tax deduction for executive compensation paid by certain employers. Specifically, a "specified employer" will not be allowed to deduct applicable employee remuneration for highly compensated individuals unless they make "qualified profit-sharing distributions" during the taxable year. A specified employer is generally defined as one that meets the gross receipts test of section 448(c). To qualify, profit-sharing distributions must be cash payments made under a written plan, available to employees (including part-time) employed for at least one year, and based on the employer's financial performance. Crucially, the aggregate distributions must be at least 5 percent of the employer's net income for the taxable year and satisfy nondiscrimination requirements similar to those for 401(k) plans. An exception is provided if the employer can demonstrate by clear and convincing evidence that making such distributions would jeopardize the business as a going concern, and the Secretary of the Treasury is granted authority to address potential abuses.