Benny's World

Wednesday, March 18, 2009

Taxing Bonuses on Former AIG Employees isn't the answer

Rep Gary Peters of MI is co-sponsoring a bill to tax bonuses over $10K in which their companies receive 79% or more TARP/Fed funds. He means well and he has to try to do something, considering the outrage of the American public, and especially his constituents, many who are finding themselves out of work these days, or cutting back on salaries, etc.

The bill will stop the nonsense, but it won't get our money back. I think the Justice Department may have to get involved and question the Board of Directors at AIG, and also anyone who got the bonuses. Meantime, other tax laws need to change to regulate the industry better. And, the gov't needs to pull most of the money back from AIG. If they go bankrupt, they do.

However, Argryios seems to think taxation of the bonuses could work effectively. Read his/her diary at the Daily Kos and see what you think.

I still think no more money to the crooks.

Update: Josh Marshall also thinks the DOJ needs to get involved but for cooking the books, RICO style. That makes sense to me.

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