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The Senate version of the bill is similar to the House bill except it will levy a 70% tax on bonuses awarded by corporations that are receiving any amount of Treasury aid from the Troubled Asset Relief Program (TARP). The 70% tax will be paid through a 35% excise tax on the corporation and 35% tax on the receiver of the bonus. [21
On February 5, 2009, the Senate approved changes to the TARP that prohibited firms receiving TARP funds from paying bonuses to their 25 highest-paid employees. The measure was proposed by Christopher Dodd of Connecticut as an amendment to the $900 billion economic stimulus act then waiting to be passed. [24]
The TARP originally authorized expenditures of $700 billion. The Emergency Economic Stabilization Act of 2008 created the TARP. The Dodd–Frank Wall Street Reform and Consumer Protection Act , signed into law in 2010, reduced the amount authorized to $475 billion (~$648 billion in 2023).
Remember that story last week about the new tax proposed by President Obama, which will be designed to recoup $90 billion in lost TARP money from the nation's largest financial firms? Well, there ...
Read on to understand and minimize the taxes associated with bonuses. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us. Sign in. Mail. 24/7 ...
As Bank of America (BAC) continues to cope with fallout from the housing and mortgage crisis, the financial institution may have to pay some year-end employee bonuses in the form of stock because ...
The Financial Crisis Responsibility Fee was a bank tax proposed by U.S. President Barack Obama in January 2010, [1] to apply to financial firms with $50 billion (~$68.2 billion in 2023) or more in consolidated assets. The fee would have been payable until the firm had paid off all money provided to it under the Troubled Assets Relief Program ...
Of course, TARP has not really relieved anyone of their troubled assets but it has paid for billions in bonuses and precious few loans. But Government report card: TARP is a success!