AIG bonus checks may be taxed at up to 100%
by TedIf AIG execs won’t return their $450 million in bonuses, lawmakers threatened Tuesday to pass a special new law taxing the payouts at anywhere from 60% to 100%.
“To those of you getting these bonuses: be forewarned, you will not be getting to keep them.”
Schumer called it “Alice in Wonderland business practices” to give bonuses to executives at a firm that lost nearly $100 billion last year and had to be rescued with $170 billion in taxpayer money.
Currently The IRS takes 35% of bonuses over $1 million.
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The corporate jet market has fallen off a cliff, hedge fund managers are so far below the high water mark they make no money and now this!
What’s with Congress anyway? First of all, it’s only $165 million, not 450. Second of all AIG has reduced the overhang from 57 trillion to a mere 1.7 trillion. A lousy $165 million is a bargain in comparison.