Democrat Congressman introduces 50% tax on bonuses
Rep. Peter Welch (D-Vt.) will introduce legislation that would impose a 50% tax on excessive bonuses at firms that received bailout funds.
The “Wall Street Bonus Tax Act” would apply only to bonuses over $50,000, and would use the tax revenue to support loans to small businesses.
Welch unveiled the proposal at a press conference in Burlington this morning.
“As most Americans struggle to endure a long and wrenching recession, the same Wall Street bankers who came to the American taxpayer with hat in hand are now preparing to pocket record-breaking bonuses,” said Welch. “Financial firms that received taxpayer assistance must remember that they owe their return to profitability to hardworking Americans.”
Read the whole story at The Hill
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