Sen. Levin's also would make stock option deductions subject to the existing $1 million cap on corporate tax deductions for compensation paid to top executives of publicly held corporations. Some economists predict, probably correctly, that this also would prompt firms to move away from options.

The bill would not change Section 422 of the tax code, which governs incentive stock options that may be used by start-up companies and other small businesses. Under this section, companies may be able to surrender their stock option deductions, and instead allow their employees with stock option gains to be taxed at a capital gains rate instead of ordinary income tax rates, , a principal analyst at Wolters Kluwer Law & Business, a provider of corporate and securities information. Many start-up companies that lack taxable profits use this provision, since they don't need a stock option tax deduction.

The bill is supported several groups, including the AFL-CIO, Citizens for Tax Justice, the Consumer Federation of America, OMB Watch, and Tax Justice Network- USA.

Even so, the bill's prospects aren't promising. Earlier versions, introduced in 2009--2010, with Arizona Republican Sen. John McCain as a co-sponsor, govtrack.us reports, as well as in 2007-2008, with just Sen. Levin as a sponsor, failed to make it through the legislative process. The most current bill was , where it currently resides. (Sen. McCain's office did not respond to requests for a comment on his decision not to sponsor the current bill.)

What's more, elected officials certainly have their hands full at the moment, Ketz notes.