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THE PROGRESSIVE REVIEW - February 18, 2010
Democrats Push to Tax Wall Street Bonuses
by: Grace Huang
truthout|Report
Joining the push for new legislation in response to lavish
bonuses paid in the financial industry, Sen. Sherrod Brown
(D-Ohio) has introduced legislation that would tax bonuses
paid to executives by banks that received government
bailout funds.
The bill would tax cash and stock bonuses of more than
$25,000 by 50 percent, diverting the money towards loans
for small businesses.
"It's time for Wall Street to return the favor to Main
Street," Brown said in a statement Thursday. "While big
banks have rebounded thanks to the help of American tax-
payers, small businesses are still struggling. If a big
firm that received taxpayer help is now paying out massive
bonuses, they should be able to help American small
businesses expand operations and hire new workers."
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Additionally, many of the banks receiving money from TARP
have also cut down on loans to small businesses.
Two other Democratic senators, Barbara Boxer (D-California)
and Jim Webb (D-Virginia), recently proposed legislation
to impose a 50 percent tax on bonuses above $400,000, but
only for firms that received $5 billion or more in bailout
money. A bill has also been introduced in the House by Rep.
Peter Welch (D-Vermont), which would tax bonuses above
$50,000.
The Obama administration predicted that Troubled Asset
Relief Program (TARP) costs would ultimately reach
$90 billion. Since then, President Obama has proposed a
fee on the largest US financial companies to recoup the
money.
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According to Brown's statement, the average executive at
Bank of America received a $400,000 bonus one year after
the bank took $45 billion in bailouts, while the average
worker in Ohio makes just over $41,000 a year.
Goldman Sachs, which took $10 billion in bailouts, gave
its chief executive a bonus of $9 million for 2009, cutting
the amount down in an effort to diffuse public anger. AIG
paid out $100 million last week and $165 million last year
in bonuses. The payments had been stipulated in contracts
signed before the company received bailout money - about
$182 billion, the largest in American history to date.
While AIG has also attempted to reduce its bonuses, as
employees agreed to a $20 million reduction last week and
the company said it would return $45 million of the 2009
bonuses, not all employees have agreed to the reductions
or returned the money yet.
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"Fifteen months after Wall Street drove our economy off a
cliff, the same big banks that survived thanks to taxpayer
support have returned to their old ways," said Welch.
"Rather than invest in our nation's economic recovery or
shore up their balances, these banks have chosen to reward
themselves with excessive bonuses. By diverting outsized
bonuses to small business lending, this legislation will
support our local economies in a way that Wall Street has
failed to."
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