Results tagged “bonustax”

Yesterday, the Connecticut Working Families Party organized bus tours of AIG's Wilton office as well as the homes of various AIG executives, just as Connecticut Attorney General said, based information he received, the bonuses given by the bailed-out firm were around $218 million, $53 million more than previously reported. Protesters yelled "Bail out Main Street, not Wall Street" outside the office," while holding signs like "Dude, Where's My Life Savings?"

Rep. Charles Rangel introduced the bill that would tax 90% of employee bonuses given by firms that received bailout money and excoriated the companies, "These people are getting away with murder. They’re getting paid for the destruction they’ve caused to our communities." Yet the NY Times finds that Rangel's relationship with Wall Street bullseye target-of-the-week A.I.G. is "complicated": "As recently as last year, he was trying to woo the company to donate $10 million to a school to be named in his honor. And while A.I.G. officials mulled the request, Mr. Rangel supported a provision in a tax bill that saved the company millions of dollars."

Today, the House of Representatives passed a bill, 328-93, that would put a 90% tax on bonuses from financial firms receiving bailout funds, such as AIG. One of the bill's cosponsors, Rep. Carolyn Maloney (D-Manhattan), who proposed a 100% tax earlier, said, "I’m proud that the House has taken action to return these bonuses to the federal treasury... It would be morally reprehensible and fiscally irresponsible to allow millions to go to those who cost our country billions. Bonuses should be based on creating value, not destroying it."