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H.R.4414 - Responsible Banking Act of 2010
To amend the Internal Revenue Code of 1986 to impose a 75 percent tax on bonuses paid by certain financial and other businesses.
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Mr. KUCINICH (for himself, Ms. WATSON, Ms. NORTON, Mr. CLAY, Mr. ELLISON, and Mr. HARE) introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
SEC. 2. FINDINGS.
(3) U.S. banks have failed to recognize losses from imprudent investments, particularly in assets linked to home mortgages and commercial real estate, and the resulting economic uncertainty and household indebtedness are major impediments to U.S. economic recovery.CommentsClose CommentsPermalink
(4) Multiple large public subsidies have been extended to the financial services industry in the form of cost-free access to capital, low-cost Federal loans and guarantees, Federal purchases of troubled assets, and other exceptional actions taken and policies put in place since January 2008.CommentsClose CommentsPermalink
(5) These public subsidies represent an extraordinary benefit to all industry participants in the financial marketplace, regardless of whether they have received direct Federal assistance.CommentsClose CommentsPermalink
(6) A short-term focus on compensation has encouraged banking decision-makers to underestimate business risks, has undermined effective corporate risk management, and has thereby contributed to excessive systemic risk.CommentsClose CommentsPermalink
(10) The use of profits to pay bonuses rather than recapitalize financial institutions delays recovery of financial institutions and impedes recovery in the real economy.CommentsClose CommentsPermalink
SEC. 3. TAX ON BONUSES PAID BY CERTAIN FINANCIAL AND OTHER BUSINESSES.
‘CHAPTER 48--TAX ON BONUSES PAID BY CERTAIN FINANCIAL AND OTHER BUSINESSES
‘SEC. 5000A. BONUSES PAID BY CERTAIN BUSINESSES.
‘Chapter 48. Tax on Bonuses Paid by Certain Financial and Other Businesses.’.