The House is set to vote on the 90% tax we discussed the other day. While plainly geared to recoup the AIG bonuses, the tax is going to be broader. As the AP reports:The House is scheduled to vote today on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.We'll keep you posted on how this plays out.
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UPDATE (3:19 PM): It looks like Jeff and his allies will be upset, but we hope the most recent news won't scare them away. As it turns out, Congress overwhelmingly passed the bill 328-93, according to the New York Times. According to the Times, the Senate will take up the matter next week.
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UPDATE (5:25 PM): TaxProf Blog has posted further details on the bill, including PDFs of the relevant documents. We encourage you to take a look.
looks like Congress listened to Tribe.
ReplyDeleteMake these scum pay
ReplyDeleteWhy aren't they taxing 100 percent?
ReplyDeleteYour articles all reflect a crazy liberal bias! These people worked for their bonuses, they had contracts which provided for them (contracts approved by President Obama). Now HE is waiving the torch in their face to save his own skin. These people deserve their bonuses. Stop treating them so badly.
ReplyDeleteJeff, you can't be serious?? Your post is a flame, right?
ReplyDeleteI agree with Jeff here. Not about the liberal bias thing, but the general point. It's an unpopular position, and I think that's why no one's taking it, but really, you should question how you'd feel if you were an employee promised a bonus and the government tried to take it away. What would you do to provide for your family? Your bills? It's unfair, and it is Obama's fault.
ReplyDeleteI strongly disagree with Jeff on the death penalty issue in that post (assuming it's the same Jeff, which seems likely) but he's on to something here.
When are we going to levy a congressional seat tax on the morons who got us into this situation (Barney the Dinosaur Frank, Chris Dud Dodd, Nancy-Pants Pelosi, Hairy Reed, et. al?)
ReplyDeleteGod, I wish I knew how to Photoshop Frank's face onto Barney's bloated purple body...
ReplyDeleteOf course I'm upset. Hopefully, Obama will veto this abomination.
ReplyDeleteJeff, did you not just say in an earlier post that Obama was the "problem?" Is anything you say consistent?
ReplyDeleteThis is consistent. I said this debacle was Obama's fault [which it is] and now I'm saying hopefully he'll veto it if it passes in Senate [and fix it]
ReplyDelete