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House set to take action to recoup bonuses
WASHINGTON |
WASHINGTON (Reuters) - The U.S. House of Representatives will vote on legislation aimed at recovering millions of dollars in bonuses to AIG executives, Democratic leaders said on Wednesday.
House Ways and Means Committee Chairman Charles Rangel said the bill would apply a 90 percent tax rate on bonus income over $250,000 that was paid to executives of companies that received at least $5 billion in government bailout money.
"When you weigh the harm that AIG and other bad actors have done to the system, our economy, and American families, with the concerns regarding the precedent of using the tax code, there is no question this legislation is the best decision we can make," Rangel said.
The House will consider the measure on Thursday. Democratic leader Steney Hoyer said he expected it to pass overwhelmingly.
(Reporting by Donna Smith, Editing by Sandra Maler)
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