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Looks like classic doublespeak, as though he really wants to do it...but:
While acknowledging the legitimacy of the public outcry over at least $165 million in bonuses paid to executives at American International Group, administration officials stopped far short of endorsing legislation passed last week by the House that would levy a 90 percent tax on the payments..."I think the president would be concerned that this bill may have some problems in going too far -- the House bill may go too far in terms of some -- some legal issues, constitutional validity, using the tax code to surgically punish a small group,"
From what I understood, that was the concern brought up by the treasury department. They took their concerns to Dodd and thats why the part regarding bonuses was removed from the ARRA. I could be wrong, but that was my understanding.
The odds are great that it would provided it covered the current tax year and it covered all firms which are part of the TARP program. As for the claim that a 90% tax wouldn't be legal... You do know the top income tax bracket used to be 92%, right? Under a Republican president no less.
The odds are great that it would provided it covered the current tax year and it covered all firms which are part of the TARP program. As for the claim that a 90% tax wouldn't be legal... You do know the top income tax bracket used to be 92%, right? Under a Republican president no less.
The specific problem with this proposal is the retro active nature of it.
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