Bill Proposes Hefty Tax For TARP Firm Bonuses

Law360, New York (January 14, 2010, 12:18 PM EST) -- Rep. Peter Welch, D-Vt., has sponsored legislation that would slap a 50 percent tax on bonuses paid by companies that received assistance through the Troubled Asset Relief Program, aiming to crack down on excessive compensation practices at major Wall Street firms.

Welch on Tuesday introduced H.R. 4426, the Wall Street Bonus Tax Act, which proposes levying the higher tax rate against any bonus compensation exceeding $50,000, both cash and stock awards, at the hundreds of Wall Street firms and banks that accepted bailout funds from the...
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