Democrat Introduces Legislation To Tax Bonuses 50%
YouTube: Rep. Peter Welch introduced legislation to crack down on excessive Wall Street bonuses and help small businesses obtain the credit they need to survive and to create jobs. Welch unveiled the Wall Street Bonus Tax Act at a press conference at Burlington International Airport as he prepared to return to Washington for the 2010 legislative year.
Welchs bill would tax bonuses at firms that have received assistance through the Troubled Asset Relief Program at a rate of 50 percent for all compensation in excess of $50,000. Revenues generated through the tax would fund a new direct lending program administered by the Small Business Administration (SBA).
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