March 19th, 2009
02:53 PM ET
13 years ago

House passes bill taxing Wall Street bonuses

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/03/19/art.aig.gi.jpg caption="The House of Representatives passed legislation Thursday to try to recoup bonuses paid to Wall Street executives with taxpayer money."]WASHINGTON (CNN) - The House of Representatives passed legislation Thursday to try to recoup bonuses paid to Wall Street executives with taxpayer money.

The measure passed, 328-93; most Democrats supported the measure while Republicans were sharply divided.

A two-thirds majority among all members voting was required for passage.

The measure would tax individuals on any bonuses received in 2009 from companies getting $5 billion or more in money from the Troubled Asset Relief Program, or TARP. Bonuses for people with incomes over $250,000 would be taxed at a 90 percent rate.

The measure now moves to the Senate for further consideration.


Filed under: Congress
soundoff (97 Responses)
  1. champ

    It's about time!!!

    March 19, 2009 03:08 pm at 3:08 pm |
  2. Saad from NJ

    Why not 100%. For someone who got 6.4 million bonus from our hard-earned money, 90% would mean they still get to keep $640,000. WHY??????? I am ok with $6.40 but $640,000.... that's insane.

    March 19, 2009 03:09 pm at 3:09 pm |
  3. Jim B

    There is some justice in this new Tax on the Greedy AIG executives. It was not AIG's money to being with, by the taxpayers' money. And, why are many in this nation still obsessed with rewarding greed and incompetence? Enough. I am also NOT surprised that many Republican members of Congress voted against the bill. It further illustrates that these people only seem to care about the wealthy in this country, and not the majority of this country's citizens.

    March 19, 2009 03:09 pm at 3:09 pm |
  4. a first step

    this restores only the slimmest confidence

    I hope you have a plan and that it is under way

    more than just a second bail out

    we are depending on you Mr. President

    March 19, 2009 03:09 pm at 3:09 pm |
  5. paul mooney

    Although from the information that has been released about the AIG bonuses indicated that bonuses should not have been awarded, i find it incredulous that we are going to let the government impose this tax. Taxing everyone that makes over $250,000 in companies that have received money makes me feel that this has become a communist country. Are we going to let the government run more of our lives?

    March 19, 2009 03:10 pm at 3:10 pm |
  6. Laura Boston MA

    Okay so they get taxed 90% of $1,000,000. What will stop them from declaring Federal Withholding on their tax returns next year?

    If they are allowed to claim that on their taxes than they will end up getting it all back anyway.

    Does anyone know how Congress gets around that?

    March 19, 2009 03:11 pm at 3:11 pm |
  7. J French

    A perfect example of "mob behavior" and "knee jerk" reactions!! Hopefully, saner heads will be found in the Senate. I am absolutely ashamed of our elected representatives in the House - both the Democrats and the Republicans. YOU ELECTED OFFICIALS DO NOT HAVE THE RIGHT to use the tax code to punish individual citizens. Have you elected officials no shame?

    March 19, 2009 03:12 pm at 3:12 pm |
  8. Carl

    Again Congress violates the Constitution. Those who voted for this sould be tried for treason. We fought the Revolution against "Bills of Attainer." Take Senator Dodd and Represenative B. Frank and hold them accountable...they are responsibe for most of the finiancal corruption!!

    March 19, 2009 03:12 pm at 3:12 pm |
  9. Carl

    Again Congress violates the Constitution. Those who voted for this should be tried for treason. We fought the Revolution against "Bills of Attainer." Take Senator Dodd and Represenative B. Frank and hold them accountable…they are responsibe for most of the finiancal corruption!!

    March 19, 2009 03:13 pm at 3:13 pm |
  10. cruiserGT

    Wow! This is incredible. How can they possibly know who received these bonuses? To force that information from the private sector is unconstitutional. right?

    March 19, 2009 03:13 pm at 3:13 pm |
  11. FAYE, NV

    This makes me sad that the ones who got us into this mess can receive bonuses and we the everyday people can hardly stay afloat.

    Americans heart are hurting for their families and friends. What a pity and our President saying he will take the blame. Sorry President Obama that does not put food on my table or buy my medicine. My heart is heavy and sadden.

    March 19, 2009 03:14 pm at 3:14 pm |
  12. SHIRLEY "60"

    With all of the phony outrage being in exhibited in Washington, congress, and the cable media, anyone who doesn't vote for this measure should be run out of the country!

    March 19, 2009 03:15 pm at 3:15 pm |
  13. bernj

    A start but not hardly enough.

    March 19, 2009 03:15 pm at 3:15 pm |
  14. Josh Kibbey

    Proof you don't have to be bright to be a Congressman.

    March 19, 2009 03:16 pm at 3:16 pm |
  15. New Day

    How do you vote against getting this bonus money back? A mistake was made and fixed in a matter of a week. well done.

    March 19, 2009 03:16 pm at 3:16 pm |
  16. AIG..versus..Them

    During election Washington politicians according to media

    reports received hundreds of million dollars campaign donations

    including Obama with $102,000 donation from AIG (despite Obama's

    claim he only got donation from the little people $5 a a time)

    So the question should the Washington politicians not return all

    this monies to AIG...............................................................$$$$$$$$$$$$

    March 19, 2009 03:16 pm at 3:16 pm |
  17. Matthew, Detroit

    Charlie Rangel D-NY made every excuse in the book on MSNBC today

    why he is not responsible for the Bill he signed that allowed AIG

    Bonuses. The guy dodged the question and said he had nothing to

    do with it. He said he did not read the senate bill. Although, both sides must sign one final bill he claims he knew nothing. That guy is a great liar and very good at talking. The MSNBC reporter could not
    get him to take any responsibility.

    March 19, 2009 03:16 pm at 3:16 pm |
  18. demo in PA

    the house should put a tax on themself to
    they are the ones who caused this mess

    March 19, 2009 03:17 pm at 3:17 pm |
  19. Ann

    It is about time they did something right, but why did they have to wait until the fox was out of the hen house?

    March 19, 2009 03:18 pm at 3:18 pm |
  20. Dylan from Minneapolis

    So whoever voted against this must not have wanted to be re-elected...morons.

    March 19, 2009 03:18 pm at 3:18 pm |
  21. Johnathan

    Where's Phil Graham been hiding out lately?

    March 19, 2009 03:18 pm at 3:18 pm |
  22. DAN

    should have made it a 99.9% tax instead

    March 19, 2009 03:19 pm at 3:19 pm |
  23. Cal Thorpe

    Dumbest thing congress as done lately. Being able to read the constitution should be a prerequisite for being elected. Well maybe not the dumbest thing considering the long list of inane, corrupt and stupid actions they have done lately.

    March 19, 2009 03:19 pm at 3:19 pm |
  24. Ted - Ohio

    That's a good and quick move. In my head they have restored their respect. They have shown that they mean business and they mean what they say. Let's all rally behind them now and get the money back. A big mistake would be to get stuck in the blame game and not do anything.

    March 19, 2009 03:20 pm at 3:20 pm |
  25. ray ray

    So-cial-ism:

    – refers to a broad set of economic theories of social organization advocating STATE OWNERSHIP and administration of the means of production and distribution of goods, and a society characterized by equality for all individuals, with a fair or EGALITARIAN METHOD OF COMPENSATION.

    State ownership... dictating compensation.....

    "Change you can believe in"

    March 19, 2009 03:20 pm at 3:20 pm |
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