90% tax on bonuses hb s 651

 
I disagree with this shit....... for several reasons.  you?

S. 651: Compensation Fairness Act of 2009 http://tinyurl.com/HBS-651
    



The House measure was approved on a 328-93 vote and would impose a 90%
surtax on bonuses granted to employees who earn more than $250,000 at
companies that have received at least $5 billion from the government's
financial rescue program. The bonus tax, if approved by the Senate and
signed into law, would be retroactive to Dec. 31, 2008.

http://online.wsj.com/article/SB123745823318182841.html

The Senate will take up a similar measure, as early as next week, that
is less punitive but would tax a larger number of employees and firms.
That bill, jointly crafted by Democratic and Republican leaders of the
Senate Finance Committee, would impose a 70% surtax on most bonuses --
half paid by employees and half by firms.

In both the House and Senate bills, companies could escape the tax by
repaying enough government aid. Some Wall Street firms have formally
applied to repay the government ahead of schedule, and the new tax is
spurring talk among others. But regulators have been leery of allowing
firms to repay, in part because it could complicate efforts to promote
 stability in the financial system.

But privately, there's concern within the Obama administration that
the angry political atmosphere now surrounding the federal bailout
program will scare away private participants the government needs to
help bolster the financial system.

just a few snipets
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Screw Spell checkers, Deal with it or tno.........

 
Ok, I'll bite. Why do you disagree with it? Personally, I disagree with most
of the Federal bailout of corporate AmeriKa from the get-go. I think GM &
Chrysler should be allowed to go bankrupt as punishment for making a lower
quality, non-competitive product for the past 40 years.

I also think tenure should be illegal in our school systems, that yogurt
companies shouldn't be allowed to make a smaller container while charging
the same price without notifying the buying public clearly and my hair
shouldn't have fallen out when I was in my 20's.

 

I don;t think it should be allowed for the GOV to determine what they
can tax of any persons compensation, now to add to it, it seems all
but useless anyhow........ look below


agree 100% with that


they do, just look at the package size, I do..... have how noticed
packaged ham is the same 3.99 for now for 10oz instead of 16oz in many
grocery stores?  


to heck with the 20's! My hair shouldn't be falling out now and I'm in
my late 40's! nor should my DAMN beard be turning WHITE!


but none of that has anything to do with the 90% tax on bonuses,  

btw, what do they define as the bonuses that are taxed?  

there lies the "golden" question..........

it's a laughable bill to fool the American public IMO from what I
gather it may only apply to IRC Section 4999a sec 280g - a joke on the
public perhaps?

Operation

The golden parachute rules of IRC Section 280G generally apply to
parachute payments. A parachute payment means a payment to a
disqualified individual, as defined below, that:

1. Is in the nature of compensation;

2. Is contingent upon a change in ownership or effective control of a
corporation or in the ownership of a substantial portion of the assets
of the corporation; and

3. Has an aggregate present value which equals or exceeds three times
the individual's base amount. (2)

An "excess parachute payment," the amount subject to IRC Section 280G
and 4999, is the excess of the amount of any parachute payment over
the individual's base amount.

The term "disqualified individual" includes an employee, independent
contractor or another person specified in the regulations who performs
personal services for a corporation while he or she is:

1. An officer;

2. A shareholder of the corporation;

3. A highly compensated individual of the corporation; and

4. A personal service corporation treated as an individual. (3)







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Screw Spell checkers, Deal with it or tno.........

 Schmoej sed:

BWAHAHAHAHAHA!

Name ONE gov't entity that is running in the black... (besides the
President).
You're dreaming.  The gov't cannot do it, and shouldn't be trying.
Let failing companies fail.

The_Capitalist_Tool_ASSHOLE#104 Len

 
Ok then let 'em fail. What's another 500,000 jobless. Maybe they can build a
factory and export missile parts to Pyongyang.


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#128