The Fighting 29th

All about New York's 29th Congressional District

News release from

Congressman Eric Massa

29th District, New York

Thursday, March 19th, 2009

FOR IMMEDIATE RELEASE:

PRESS SECRETARY: Jerri S. Kaiser - (XXX) XXX-XXXX

COMMUNICATIONS DIRECTOR: Jared Smith - (XXX) XXX-XXXX

House passes bill to recuperate AIG bonuses

Rep. Massa: "The American taxpayer demanded action and we have delivered"

WASHINGTON, DC - Earlier today the House of Representatives voted to recuperate AIG's outrageous bonuses. H.R. 1586, the bill to tax these TARP funded corporate bonuses, passed by a vote of 328 to 93.

"When I learned about AIG's decision to spend our money on their bonuses, I demanded swift action," said Congressman Eric Massa. "Today we have taken action to return this money to the American taxpayer. While it is not the 100% tax solution I proposed early in the week, this bill will also prevent further bailout bonus abuses. We are not playing softball with these greedy executives and as I stated earlier in the week, we have taken Congress directly into their wallets. The American taxpayer demanded action and we have delivered."

Below is a summary sheet about this bill which was released earlier today:

Facts about the Bailout Bonus Bill today:

• The bill would impose a new 90 percent income tax on bonuses received by individuals from companies which have received over $5 billion from TARP. It would also apply to bonuses paid by Fannie Mae and Freddie Mac.
  
  
• This tax would apply to retention payments, incentive payments, or other bonuses from these companies received after December 31, 2008.
  
  
• The tax only would apply to bonuses received by taxpayers with adjusted gross income over $250,000.
  
  
• It would cover companies receiving more than three-fourths of financial rescue funds already distributed.

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Jared Smith

Communications Director

The Office of Congressman Eric Massa

(XXX) XXX-XXXX

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