Bailout Bonuses

Most Americans have felt anger to some degree over the large bonuses paid to executives that received bailout money from the federal government.  Most of us feel that our tax money could be better spent somewhere else, other than enriching executives who helped to create the financial crisis which has devastated so many families in this country and across the world. 

Efforts are underway in the House and the Senate to tax bonuses that these executives received.  In the Senate, Democratic senators Barbara Boxer from California and Jim Webb from Virginia have plans to release legislation which would tax bonuses received by these executives.  In the House, the chairwoman of the House Rules Committee, Democratic Representative Louise Slaughter is working with other members of the House to prepare legislation which would institute a 50% tax on bonuses exceeding $50,000 at companies supported by the United States government.