Pryor hops on AIG | Arkansas Blog

Friday, March 20, 2009

Pryor hops on AIG

Posted By on Fri, Mar 20, 2009 at 11:17 AM

Sure. Hard to resist this one. Statement from Sen. Mark Pryor:

Senator Mark Pryor made the following statement regarding bipartisan legislation he cosponsored today to discourage excessive bonuses by companies that have taken taxpayer funds under the Troubled Assets Relief Program (TARP). The legislation imposes a 35 percent excise tax on both employers and employees, on retention bonuses and other bonuses. Additionally, the bill caps the amount of income employees of these companies are allowed to defer tax free.

The heads of these companies, most notably AIG, intensified our nation’s financial crisis and then came hat in hand looking for a handout. To prevent a financial collapse, millions in taxpayer dollars was used to stabilize these companies and the economy. We have every right to be outraged that these executives then turned around and rewarded themselves with massive bonuses.  So while I am not a fan of major tax hikes in general, I do believe this use of the tax code is completely justified and necessary to recoup taxpayer dollars. It’s a matter of fairness in the face of outright abuse.


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