H.R.3452 - Recoupment of Wall Street Bonus Act

To impose an additional tax on bonuses received from certain TARP recipients and deposit the tax revenue into the account funding Section 4 programs in the Department of Housing and Urban Development. view all titles (3)

All Bill Titles

  • Official: To impose an additional tax on bonuses received from certain TARP recipients and deposit the tax revenue into the account funding Section 4 programs in the Department of Housing and Urban Development. as introduced.
  • Short: Recoupment of Wall Street Bonus Act as introduced.
  • Official: To impose a tax on Wall Street bonuses received from TARP recipients and direct revenue to mortgage workouts. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
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07/31/09
 
 
 
 
 
 
 

Official Summary

Recoupment of Wall Street Bonus Act - Imposes an additional income tax on bonuses paid to employees or former employees of covered Troubled Asset Relief Program (TARP) recipients. Defines \"covered TARP recipient\" to include: (1) entities and their affiliates that received capital infusion

Official Summary

Recoupment of Wall Street Bonus Act - Imposes an additional income tax on bonuses paid to employees or former employees of covered Troubled Asset Relief Program (TARP) recipients. Defines \"covered TARP recipient\" to include:
(1) entities and their affiliates that received capital infusions under the Emergency Economic Stabilization Act of 2008 exceeding $5 billion; and
(2) the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Exempts entities that repay TARP amounts exceeding a $5 billion threshold. Sets the rate of such tax at 100% of the lesser of:
(1) the bonus amounts paid; or
(2) the amount of such taxpayer's adjusted gross income exceeding $250,000 ($125,000 in the case of a married individual filing a separate return). Exempts any employee who irrevocably waives or returns a bonus payment before the close of the taxable year in which such payment is due. Requires tax revenues generated by this Act to be paid to the Department of Housing and Urban Development (HUD) to fund community development programs.

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