S.2994 - Taxpayer Fairness Act

A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on excessive 2009 bonuses received from certain major recipients of Federal emergency economic assistance, to limit the deduction allowable for such bonuses, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on excessive 2009 bonuses received from certain major recipients of Federal emergency economic assistance, to limit the deduction allowable for such bonuses, and for other purposes. as introduced.
  • Short: Taxpayer Fairness Act as introduced.

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  • Today: 3
  • Past Seven Days: 15
  • All-Time: 1,371
 
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02/03/10
 
 
 
 
 
 
 

Official Summary

2/4/2010--Introduced.Taxpayer Fairness Act - Amends the Internal Revenue Code to: (1) impose a 50% tax on bonuses, including retention bonuses, exceeding $400,000 paid in 2009 to employees of financial institutions (including the Federal National Mortgage Association [Fannie Mae] and the F

Official Summary

2/4/2010--Introduced.Taxpayer Fairness Act - Amends the Internal Revenue Code to:
(1) impose a 50% tax on bonuses, including retention bonuses, exceeding $400,000 paid in 2009 to employees of financial institutions (including the Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddie Mac]) that received $5 billion or more in emergency economic assistance from the federal government; and
(2) limit the business tax deduction for such bonuses to 50% of the amount of such bonuses.

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Recent News Coverage

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02/11/10
RE: S.2994

Last week, Senators Webb and Boxer introduced S. 2994 to put a one-time windfall tax on 2009 bonuses paid to executives of financial institutions that ...

Source: Brookneal Union Star
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Recent Blog Coverage

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03/03/10
Here Is the Text of the Boxer/Webb Bill to Tax Banker Bonuses ...

S. 2994. To amend the Internal Revenue Code of 1986 to impose an excise tax on excessive 2009 bonuses received from certain major recipients of Federal emergency economic assistance, to limit the deduction allowable for such bonuses, ...

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03/03/10
Here Is the Text of the Boxer/Webb Bill to Tax Banker Bonuses ...

111th CONGRESS 2d Session S. 2994 To amend the Internal Revenue Code of 1986 to impose an excise tax on excessive 2009 bonuses received from certain major.

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03/03/10
Here Is the Text of the Boxer/Webb Bill to Tax Banker Bonuses ...

S. 2994. To amend the Internal Revenue Code of 1986 to impose an excise tax on excessive 2009 bonuses received from certain major recipients of Federal emergency economic assistance, to limit the deduction allowable for such bonuses, ...

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