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Congress Still Threatening to Impose Confiscatory Tax Rates on Bonuses of Financial Institution Executives
Michael Melbinger via Winston & Strawn LLP Link to more items from this source
May 6, 2010

Excerpt: [Senator Jim] Webb's amendment ... would add new Sections 280I and 4999A to the Internal Revenue Code, placing an additional 50% excise tax on (and denying the company's deduction for) any 'bonus' above $400,000 attributable to service in 2009 paid to any employee or director working for financial institutions that received at least $5 billion in government funds under TARP or the Housing and Economic Recovery Act of 2008.

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