Bonuses From Companies Bailed Out By TARP Could Be Taxed

Posted by University of New Mexico/Talk Radio News Service on February 4, 2010 |

By Laurel Brishel Prichard University of New Mexico/ Talk Radio News Service

Sen. Barbara Boxer (D-Calif.) and Sen. Jim Webb (D-Va.) introduced a bill that would tax bonuses distributed by financial institutions bailed out by the Troubled Assets Relief Program (TARP) during a press conference Thursday afternoon.

The bill would place a 50 percent tax on bonuses over $400,000. Some of the companies that would be hit include Bank of America, Citigroup, Goldman Sachs, Merrill Lynch, Morgan Stanley, JP Morgan and Wells Fargo.

The bill would require a tax on the bonuses even if the companies have already paid back the money initially received through TARP.

“If your going to get that kind of bonus, you can share it 50-50 with the people who helped bail you out. We believe that’s fair, reasonable and its not any example of what people will call class warfare,” said Webb.

Both Senators hope for bipartisan support on the bill.

February 4, 2010
« GOP Doesn’t Mind Being ‘Party Of No’ On Spending
U.S. On Edge Of “Financial Cliff,” Says DeMint »
Both comments and pings are currently closed.

Comments are closed.

Categories

Related


Latest Audio

  • U.S. Army Commander: It’s Time To Change DADT
     
    icon for podpress Play Now
  • Troops in Iraq Cut To 50,000 By September, Says U.S. Army Commander
     
    icon for podpress Play Now
  • Add Additional Troops To Afghanistan To Defeat Al-Quada, Says CENTCOM
     
    icon for podpress Play Now
  • Geithner: We Have To Pay For The Things We Do
     
    icon for podpress Play Now

Happening Now - TRNS on Twitter