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Sens. Want To Tax, Limit TARP Recipient Bonuses

Law360 (March 18, 2009, 12:00 AM EDT) -- With bonus payments for American International Group Inc. a source of outrage on Capitol Hill, two senators have proposed implementing taxes and placing greater limitations on the amount of money handed out in bonus and retention payments to employees of companies receiving federal money under the Troubled Assets Relief Program.

Senate Finance Committee Chairman Senator Max Baucus, D-Mont., and ranking member Sen. Chuck Grassley, R-Iowa, are co-sponsors of a bill proposed on Tuesday that would place heavy excise taxes of up to 35% on post-bailout bonuses...
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