Bill Takes Aim At Big Bonuses From TARP Firms

Law360, New York (February 8, 2010, 2:33 PM EST) -- The latest round of outrage over record bonus pools at some top firms has sparked new legislation from Sens. Barbara Boxer, D-Calif., and Jim Webb, D-Va., that would slap a 50 percent tax on “excessive” 2009 bonuses paid by banks that took taxpayer bailouts during the financial crisis.

The senators introduced S. 2994, the Taxpayer Fairness Act, on Thursday, following a spate of media reports that indicated some of the biggest beneficiaries of taxpayer-funded bailouts under the Troubled Asset Relief Program — including Bank of America...
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