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Monday, May 18, 2009

HR 1586: To impose an additional tax on bonuses received from certain TARP recipients.

Bobby Bright voted yes to the legislation below. I suppose Congressman Bright would do the same to the rest of us, if given the chance. I would have voted NO. Congress has no authority to regulate pay, unfairly tax people, or punish people who obey the law.

Vote to pass a bill that taxes executive bonuses paid by companies who received funding under TARP at a rate of 90%.

Official Title of Legislation:

HR 1586: To impose an additional tax on bonuses received from certain TARP recipients.

Highlights:

-Taxes 90% of TARP bonuses received by a taxpayer (Sec. 1).

-Defines a TARP bonuses as the lesser of retention payments, incentive payments, and other bonuses which are in addition to regular pay or adjusted gross income over 250,000 dollars for an individual filer, or income over 125,000 dollars (Sec. 1).

-Only applies the tax to people who received more than $5 billion under TARP, the Federal National Mortgage Association, the Federal Home Loan Mortgage Association, and any related members or partners (Sec. 1).

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