samtheeagle: (Default)
[personal profile] samtheeagle
Congress -- You say that you can't recapture those obscene bonuses paid with our money to bankers who helped ruin our economy? Pshaw: here's a bill that I wrote in five minutes. If I could write it in five minutes, your tax experts can do better in ten. Stop posturing and feining powerlessness, and just pass it.



1. The income tax liability of any person who received or shall receive in any tax year any bonus to compensation or increase in compensation greater than the lesser of ten thousand dollars or ten percent of his or her theretofore established compensation from any business entity funded in whole or in part in such tax year by funds dispersed from the Troubled Asset Recovery Program shall be increased for such year by seventy-five percent of the excess amount of such bonus or increase.

2. Notwithstanding any other provision of law, for any business entity that has received or shall receive in any tax year funds from the Troubled Asset Recovery Program and that shall pay in any such tax year to any current or former employee, director or officer any bonus to compensation or increase in compensation greater than the lesser of ten thousand dollars or ten percent of his or her theretofore established compensation, the amount of such excess bonus or increase shall be treated as corporate income pursuant to section sixty-two of the Internal Revenue Code and such entity shall be liable for a corporate income tax for such year equal to one hundred percent of such excess bonus or increase.

3. Notwithstanding any other provision of law, the Department of the Treasury shall pay over to the Troubled Asset Recovery Program all taxes collected pursuant to sections one and two of this act.

4. Any business entity that shall be delinquent in remitting the taxes specified in section two of this act shall be disqualified from receiving funds from the Troubled Asset Recovery Program until the Secretary of the Treasury shall certify in writing to the Congress that the chief executive officer or officers, chief operating officer or officers, and chief financial officer or officers of such business entity have been severed permanently from such entity and that the successor officers thereof have entered into a binding and enforceable stipulation with the Secretary timely to pay such taxes, in addition to any interest and surcharges otherwise assessable pursuant to law; provided that such stipulation shall provide that such tax delinquency are secured by the assets of the corporation and, notwithstanding any contrary provision of the bankruptcy code of 1986, as amended, the United States as creditor thereof shall be senior to any and all other creditors of such entity until such delinquency shall be satisfied.
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samtheeagle

March 2009

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