The House today passed legislation that will impose a 90% income tax on the massive bonuses given to workers at AIG. The $165 million bonuses have been the source of major disturbance in Washington this week, as legislators wondered how a provision to permit the bonuses was allowed to pass in the stimulus bill. AIG was given a huge chunk of bailout money last year, which is the reason so many are in uproar. The bailouts were taxpayer funded and therefore, so were the bonuses.
The bill today passed 328 to 93 with 243 Democrats and 85 Republicans on record. Six Democrats and 87 Repubublicans voted no.
"This bill today was constitutionally questionable and quite frankly a transparent attempt by Democrats in the House to paper over the fact that a last minute change in the stimulus bill," said House Reublican Chairman Mike Pence.
The House floor was abuzz today with arguments back and forth between opponents though Republicans who opposed the bill enforced the powerful message that "American people deserve all the money back."
In a press release, Rep. Steve King (Iowa) said, “Today’s vote is another round in a seemingly endless series of bailouts - this time an unconstitutional political bailout for liberals in Congress and the White House. Weeks ago, behind closed doors, Senator Chris Dodd and the Obama Administration eliminated provisions that would have prevented AIG employees from receiving these bonuses. The American people are rightfully outraged, and now Senator Dodd, President Obama, Treasury Secretary Geithner and other liberals need a political bailout."