• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / Politics / Govt / Four Iowa Congressmen support Bonus Tax Bill

Four Iowa Congressmen support Bonus Tax Bill

March 19, 2009 By admin

Four of Iowa’s five congressmen voted in favor of a measure in the U.S. House Thursday that would heavily tax employee bonuses at companies that receive more than $5 billion in government bailouts. Democrat Bruce Braley says the bill would only apply to executives paid an annual salary of more than $250,000. Those executives would face a 90% tax rate on their bonuses. Braley says the tax would not apply to executives who voluntarily return their bonuses to the company.

The legislative action follows news that insurance giant AIG paid executives about $165 million in retention bonuses after receiving nearly $180 billion in government bailouts. Representative Steve King, a Republican from Kiron, was the only Iowan to vote against the measure which passed the House on a vote of 328-93.

Braley, who’s from Waterloo, says some are questioning if the legislation approved would survive court challenges. "We will probably be taking up another bill next week, out of the Judiciary Committee, to address (that)," Braley said.

AIG Chief Executive Edward Liddy defended the bonuses this week by saying the payouts were necessary to retain top employees with specialized knowledge. Liddy told Congress that some of the executives have returned their full bonuses.

Share this:

  • Facebook
  • Twitter

Filed Under: Politics / Govt Tagged With: Bruce Braley, High School Sports

Featured Stories

Iowa delegation breaks along party lines on Trump impeachment vote

Two northeast Iowa men admit to illegally harvesting ginseng

Do you have to pay tax on your stimulus check?

All six in Iowa’s congressional delegation confirm Electoral College results

Some derecho victims eligible for federal tax breaks

TwitterFacebook
Tweets by RadioIowa

Iowa-Michigan State postponed

Fire damage to Riverfront Stadium electrical system will cost Waterloo thousands

Iowa State at Kansas State postponed

Iowa State’s Foster to miss remainder of the season

Drake basketball season put on hold

More Sports

eNews and Updates

Enter your email address:

Delivered by FeedBurner

Archives

Copyright © 2021 ยท Learfield News & Ag, LLC