 Press Release |
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For Immediate Release
March 18, 2009
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Contact: Derrick L. Plummer (202) 225-4572 |
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| Moore introduces bill to take back AIG Bonuses Bill would demand accountability to taxpayers |
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| Washington, DC – Congresswoman Gwen Moore (D-WI) today will introduce legislation, The AIG Key Executives Bonus Accountability and Capture Act “TAKE BACK Act,” that will tax 100 percent of the bonuses paid out to AIG executives. The tax, which would apply to bonuses paid by TARP money, was introduced in an effort to ensure taxpayers dollars are not utilized to fund enormous bonuses paid to companies that receive TARP funding. “The fact that some on Wall Street have sought to exploit the public tax dollars is not only outrageous but is an egregious violation of the public’s trust,” said Rep. Moore. “If the leadership of companies that receive TARP funds are determined to waste taxpayer dollars on extravagant bonuses then I believe we as taxpayers- who significantly subsidize these same companies- have the right to recoup those funds.” Currently, the IRS withholds 25 percent from bonuses less than $1 million and 35 percent for bonuses more than $1 million dollars. Under Congresswoman Moore’s legislation, any entity that received assistance under the Emergency Economic Stabilization Act of 2008 would find its bonuses subject to a tax rate of 100 percent. “There are people in my community who are losing there jobs and facing perilous economic difficulty; for taxpayer dollars to go towards bonuses for individuals who have played a key role in our economic downturn is unacceptable,” said Congresswoman Moore. Congresswoman Moore is a member of the U.S. House Financial Services Committee and its Subcommittee on Capital Markets which questioned AIG Chairman Edward Liddy at a hearing she attended earlier today. ### For an interview with Congresswoman Gwen Moore, please contact Derrick Plummer at 202-225-4572. |