- The Washington Times - Tuesday, March 17, 2009

WASHINGTON (AP) - Two key senators have announced a plan to levy steep excise taxes on employee bonuses paid by companies that receive government bailout money.

The top two members of the Senate Finance Committee plan to introduce a bill that would impose a 35 percent excise tax on the companies paying the bonuses and a 35 percent excise tax on the employees receiving them. The taxes would apply to all companies receiving government bailout money, but they are clearly geared toward AIG.

Finance Chairman Sen. Max Baucus said the plan is designed to pass constitutional muster while retrieving the bulk of the bonuses paid by AIG. He was joined by Sen. Charles Grassley, the top Republican on the committee.

Copyright © 2018 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide