House Passes 90% Tax On Wall Street Bonuses

I wonder if this will stand up in court. This congress will be taxing everybody at 90% before they are done.-Lou

House Passes Bill Taxing Wall Street Bonuses

WASHINGTON (WSJ)-- The House handily passed legislation to slap a 90% tax on bonuses at Wall Street firms and other struggling companies that received federal bailout funds.

It passed on a 328-93 vote, with a substantial assist from Republicans, although about half of GOP House members opposed it.
The bill would tax bonuses paid by firms that received more than $5 billion from the Troubled Asset Relief Program, plus Fannie Mae and Freddie Mac.

Although broader in its effect, the bill is a response to the furor over bonuses paid by American International Group, which has been squarely in lawmakers' cross-hairs after it emerged over the weekend the company had paid millions in retention bonuses to many of the executives that worked in the firms' financial products division that is the source of the AIG's woes.

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