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US Lawmaker Proposes Wall Street Bonus Tax,
by Leroy Baker, Tax-News.com, Nerw York
Thursday, January 14, 2010
Representative Peter Welch has introduced legislation to crack down on excessive
Wall Street bonuses by imposing a new excise tax of 50% on any bonus exceeding
USD50,000.
The Wall Street Bonus Tax Act would impose the excise tax on any bonus above
USD50,000, both cash and stock awards, paid during 2010 by a recipient of financial
assistance under the Troubled Asset Relief Program (TARP) to a current or former
employee.
The Act would also instruct the Treasury Department to establish a Small Business
Growth Fund to hold revenues from the tax, which would be lent to small firms
struggling to obtain credit amid tighter lending conditions.
Welch, a Vermont Democrat, unveiled the legislation on January 12 – a day after
it emerged that President Obama was considering imposing some form of tax on
the banks in order to recoup money spent on the TARP.
“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,” Welch commented.
“Financial firms that received taxpayer assistance must remember that
they owe their return to profitability to hardworking Americans.”
Citing a recent New York Times report, Welch said that five of the biggest
banks to receive federal assistance last year, including Citigroup, Bank of
America, Goldman Sachs, JP Morgan Chase and Morgan Stanley, have collectively
set aside USD90bn for compensation.
.
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