Lawmakers would tax away half of bankers' huge bonuses

[Kadie]

Lawmakers would tax away half of bankers' huge bonuses
22 mins ago

WASHINGTON (AFP) – Democratic lawmakers introduced a bill Thursday that would slap a 50 percent tax on "excessive" bonuses paid to employees of bailed-out Wall Street banks and investment firms.

"It is outrageous that these companies are now doling out millions of dollars in bonuses while the rest of America feels the pain of their reckless decisions," Senator Barbara Boxer, who co-sponsored the measure with Senator Jim Webb.

The bill targets bonuses paid out by banks and other financial institutions rescued from collapse with funds from the US government's Troubled Asset Relief Program (TARP).

It would slap a 50 percent tax on bonuses paid out last year of over 400,000 dollars -- a figure chosen because it matches President Barack Obama's annual paycheck.

"This legislation is a targeted, reasonable approach to bring fairness and equity into the process -- as it was intended," said Webb.

more...
http://news.yahoo.com/s/afp/uspoliticscongressfinancepolitics

[Rosa Luxemburg]

1. Nice

[RUMMYisFROSTED]

2. Only half?

:grr:

[pleah]

4. +1

[rooftoprevolutionary]

3. Really?

Is it just me or does it seem wholly wrong that they're allowed to give bonuses on bailout money from our pockets?
If that's how it's gonna be, I'd at least like a coupon for a smoothie or something.
I'd say that until the bailout money is repaid, bailed out banks don't get bonuses. Let them feel some of the sting of what the average American feels...maybe 10% of the sting...

[Nikki Stone1]

5. Not going to happen

And I'm not holding my breath

[OhioChick]

6. Half is still a drop in the bucket. n/t

[Kievan Rus]

7. Way to go. Tax those greedy parasites.

[salguine]

8. They'll probably appoint a panel of bankers to determine which bonuses are excessive.

[Union Yes]

9. Do this with all executive compensation. Not just banker's bonuses who've received bailout money.

All executive compensation over $250k per year should be taxed like this.

knr

[Yurovsky]

11. Hell yes...

how much is enough? Most make 100-1,000,000X what entry-level employees make at their companies. How is that equitable?

I agree, $250k is plenty. Uncle Sam has bills to pay, and these folks can't seem to find their checkbooks...

[rooftoprevolutionary]

10. News from Feb. 3rd - AIG

In the news from Wednesday, AIG, the recipient of a massive bailout plans on handing out another $100 million in bonuses.

Astounding.
Remarkable.
Unbelievable.

These people are the reason we're in an economic quagmire.
Not to mention that they still owe a whopping $182 BILLION!!

Again, I don't think we need a bill that taxes them, I think we need a bill that slashes the ability of companies like AIG (and other bailed out corporations) to give out astronomical bonuses when most Americans can't even pay for weekly groceries.

Disgusting.

[yodoobo]

12. They should put this on all excessive bonus's.

Not just bankers.