Friday, March 20, 2009
90% Bonus Tax? Way to Destroy Our Economy
The frantic passage of the Populist Rage Tax was a new low in the US government's response to this crisis. It shows just how likely we are to doom ourselves to a decade or more of misery--by choking our markets, closing our borders, turning our banks into tools of social policy, and wrecking what's left of our economy...
...If the "TARP bonus" bill the House passed yesterday becomes law, any of the hundreds of thousands of people who work for Citigroup, Bank of America, AIG, and nine other major US corporations will have to fork over 90 cents of every bonus dollar that puts their household income over $250,000.
That's household income, not individual income. If you're married and filing singly, you'll have to surrender anything over $125,000. Indefinitely...
Yahoo! Finance: 90% Bonus Tax? Way to Destroy Our Economy
...If the "TARP bonus" bill the House passed yesterday becomes law, any of the hundreds of thousands of people who work for Citigroup, Bank of America, AIG, and nine other major US corporations will have to fork over 90 cents of every bonus dollar that puts their household income over $250,000.
That's household income, not individual income. If you're married and filing singly, you'll have to surrender anything over $125,000. Indefinitely...
Yahoo! Finance: 90% Bonus Tax? Way to Destroy Our Economy
Permalink posted by markw @ 10:18 AM 
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