The House is scheduled to vote today on a bill that would levy a 90% tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money. “We figured that the local and state governments would take care of the other 10%,” said Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee. Rangel said the bill would apply to mortgage giants Fannie Mae and Freddie Mac, among others, while excluding community banks and other smaller companies that have received less bailout money. House Democratic leaders unveiled the bill as the head of embattled American International Group Inc., which has received $182 billion in bailout money, testified about $165 million in bonuses paid out in the past week to about 400 employees in its Financial Products unit.
House to vote on 90% tax for AIG bonuses
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