Rep. Earl Blumenauer (D-Ore.) announced today his idea regarding any high-ranking employee of a subsidize financial institution who received a bonus such as in a situation of AIG.
Blumenauer announced his bill today that will impose a 100% tax surcharge on those bonuses.
“Across the nation unemployment is at an all time high, and in my home state of Oregon it’s even worse. Funds provided under the TARP Program were intended to provide stability to the financial system to prevent further pitfall, not to pad the pockets of corporate executives,” said Rep. Blumenauer. “I strongly support President Obama’s efforts to pursue every single legal avenue to block these bonuses and make the American taxpayers whole. It’s time for Congress to take action in holding these executives accountable and to increase oversight of these programs. As a member the House committee with jurisdiction over tax, I look forward to working with my colleagues on the Ways and Means committee and in Congress to claw-back these ill-gotten bonuses; and that’s why I am filing this legislation to impose stiff taxes on these types of compensation arrangements.”
this is my Oregon... the way to solve everything is to tax it.
So let me see if I understand Blumenauer's thinking...
1. The federal government lends large amounts of money to a company like AIG at taxpayer expense.
2. High-ranking executives receive enormous amounts of "bonuses" for such a wonderful job that they have done with the company.
3. The President and Congress feel that they are duped because of those bonuses.
4. Blumenauer solution... tax those bonuses at 100%.
Sigh!
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