No Tax on AIG Bonuses
Mar 23rd, 2009 by Shaun Carter
The mess created by the government getting involved in propping up banks has made every US taxpayer a “shareholder” in these banks and highly critical of every little thing that goes on behind the scenes. I strongly oppose Congress’ proposal to slap a 90% tax on the bonuses being given to some AIG employees. These people have contracts and have been expecting these “retention bonuses” as part of their pay package. How would you feel if suddenly public opinion turned against the industry you are employed in and the government took away your contractually guaranteed bonus? It’s not right.
I also disagree with Congress’ attempt to demand a list of names of those AIG employees who received bonuses and did not return the money to the company. That is none of Congress’ business and those employees identities should be protected as all employees personal information should. But some grandstanding politicians will do anything to get re-elected and many of their constituents are on a witch hunt right now for these banking executives.
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I was just on your site and wanted to say I like what you are doing. Keep up the effort and keep the posts coming.
I agree with you that a 90% tax is an absurd response to the public’s outrage. I hold Geithner responsible for not re-negotiating these contracts prior to their release. Do they deserve a bonus for ruining the world? I question a contract ensures millions in bonuses, even if the company that employs you goes totally bankrupt!