WASHINGTON (CNN) — The House of Representatives passed legislation Thursday to try to recoup bonuses paid to Wall Street executives with taxpayer money.
The measure passed, 328-93; most Democrats supported the measure, while Republicans were sharply divided.
A two-thirds majority among all members voting was required for passage.
The measure would tax individuals on any bonuses received in 2009 from companies getting $5 billion or more in money from the Troubled Asset Relief Program, or TARP. Bonuses for people with incomes over $250,000 would be taxed at a 90 percent rate.
“Today’s vote rightly reflects the outrage that so many feel over the lavish bonuses that AIG provided its employees at the expense of the taxpayers who have kept this failed company afloat,” President Obama said. “I look forward to receiving a final product that will serve as a strong signal to the executives who run these firms that such compensation will not be tolerated.”
For full article at CNN website: http://www.cnn.com/2009/POLITICS/03/19/bonus.bill/index.html
Tags: Taxing
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