Tuesday, March 24, 2009

Senate Dems Delay Vote to Tax Bank Bonuses

The Washington Post is reporting the Democratic-led Senate is likely to delay until late next month legislation to punitively tax bonuses at banks and investment firms that receive federal aid. Senate Majority Leader Harry Reid’s decision comes after the White House and Wall Street expressed concern over plans to heavily tax corporate bonuses. Last week, the House voted to levy a 90 percent tax on bonuses paid since January 1 by companies that owe the government at least $5 billion in bailout loans. On Sunday President Barack Obama said the tax code shouldn’t be used to punish people.

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