Mar. 17th, 2009

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Outraged Congress looking to recoup AIG bonuses through new taxes - Yahoo News

Love this. Full Link here - here are the highlights:

In the House, Reps. Steve Israel, D-N.Y., and Tim Ryan, D-Ohio, introduced a bill that would that would tax at 100 percent bonuses above $100,000 paid by companies that have received federal bailout money.

"It boggles my mind how these executives can be so unaware of what the American people are going through," said Ryan. He called his proposal "a wakeup call that the days of arrogance and greed on Wall Street are coming to an end. We will use any means necessary."

The Internal Revenue Service currently withholds 25 percent from bonuses less than $1 million and 35 percent for bonuses more than $1 million.


and

Sen. Charles Grassley suggested in an Iowa City radio interview on Monday that AIG executives should take a Japanese approach toward accepting responsibility by resigning or killing themselves.



Harsh much?

But seriously, my father and I were *just* talking about how the government could easily control this outrageous bonus/executive package by simply changing IRS code to reflect that any money earned by a top executive over $250k (or whatever limitation amount) ceases to be deductible by the business as an expense.

See how many businesses are willing to pay an executive 16 million when they can't deduct it from their own tax returns. But this works too...

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