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Today in legal history...

Saturday, March 19, 2011

US House passed punitive tax on bonuses from bailout companies
Dwyer Arce at 12:00 AM ET

On March 19, 2009, the US House of Representatives voted 328-93 to pass a bill that would have taxed bonuses given to employees of companies that received money from government stimulus programs at 90 percent. The bill was drafted and voted on in reaction to large bonus payments made in the previous week to employees of embattled insurance company American International Group (AIG). The legislation would have amended the Internal Revenue Code to provide for a 90 percent tax on bonuses from a company that received more than $5 billion under the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008, Fannie Mae and Freddie Mac, or any entity related to those companies.

Learn more about the legal effects of the global financial crisis from the JURIST news archive.

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