Press Contact: Aaron Hunter 202-225-2040

Email: davispress@mail.house.gov

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U.S. House of Representatives
1526 Longworth House Office Building
Washington, DC 20515
Phone: (202) 225-2040
Fax: (202) 225-2948

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San Diego CA 92116
Phone: (619) 280-5353
Fax: (619) 280-5311

Press Release

January 21, 2010

Contact: Aaron Hunter 202-225-2040

davispress@mail.house.gov

 

Congresswoman Susan Davis Moves to Shift Wall Street Bonuses to Small Businesses

Bill would impose 50 percent tax on bonuses

Washington – Congresswoman Susan Davis (D-San Diego) became a cosponsor of legislation (H.R. 4426) to impose a 50 percent tax on bonuses over $50,000 at institutions that received TARP money.  All of the revenue raised from the tax would be used to fund a temporary direct lending program through the Small Business Administration.

“A constant theme I hear from people is that we bailed out Wall Street, but what about the small businesses that have been struggling in this weak economy?” said Davis.  “Small businesses can be a strong component of our nation’s economic engine and generator of jobs.  They are in need of assistance and Congress should act fast to provide that assistance.”

According to a report released by the Treasury Department, the largest of the TARP recipients have cut small business loans by an additional $1 billion.  At the same time, Wall Street is awarding $64 billion in bonuses this year.

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