Securities Law Updates | New Proposed Legislation
April 6, 2010
Senate Bill Targets Big Bonuses Paid by TARP Fund Recipients
S. 2994, 2/4/2010
U.S. Senators Jim Webb (D-VA) and Barbara Boxer (D-CA) have introduced the Taxpayer Fairness Act, a legislation that would impose a 50 percent tax on excessive bonuses paid by Wall Street banks and other firms that benefited from billions of taxpayer dollars in 2009.
The legislation would apply only to Wall Street institutions that received more than $5 billion from the Troubled Asset Relief Program (TARP).
The bill would impose a 50 percent excise tax on the bonuses of employees at these firms that exceeded $400,000 in 2009. Any employee who received a bonus larger than $400,000 – the salary of…
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