U.S. Sen. Jim Webb, D-Va., wants his proposal to levy a 50 percent tax on the bonuses of some corporate executives added to a jobs bill now making its way through Congress.
The proposal by Webb and U.S. Sen. Barbara Boxer, D-Calif., would collect the tax on bonuses larger than $400,000 that were paid in 2009 by companies that received at least $5 billion from the $700 billion federal bailout - known as the Troubled Asset Relief Program, or TARP.
The bailout was approved by Congress in late 2008.
If the one-time bonus tax is approved, it would affect executives of the following firms: AIG, Bank of America, Citigroup, Fannie Mae, Freddie Mac, General Motors, GMAC, Goldman Sachs, J.P. Morgan, Morgan Stanley, PNC Financial, Wells Fargo and U.S. Bankcorp, according to Webb's office.
The affected bonuses would include stock options as well as cash, under legislation that was first proposed by the two senators in early February.
If approved, the amendment would be added to a $149 billion jobs bill now being considered by the Senate. The measure includes provisions for extending some tax credits.
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Jimmy and Marky
Go ahead and vote for Obummercare so we can vote you two nitwits out!
Hey webb
How about a one time election to political office?
You are on your way out! Keep following pelose insted of supporting Virginia. You are on target.
The not re-elected target.
supporting Virginia?
How is letting greedy execs pad their wallets, while everyday citizens struggle paycheck to paycheck? Are you an exec with AIG? Sure sounds like it.
Webb and Boxer...
Since Congress is unable to operate without massive bailouts from them taxpayers, I'd suggest that Webb, Boxer and all of their collaborators be taxed 50% on the unearned increses that just voted themselves. In fact. let's just take 50% of their salaries until they stop stealing from productive citizens to support their voters and balance the budget.
yep, things are looking good if you live on a farm
Urban unemployment grows
By Blake Ellis, staff reporter February 2, 2010: 10:55 AM ET
NEW YORK (CNNMoney.com) -- The number of U.S. metropolitan areas with jobless rates above 15% increased in December, according to government figures released Tuesday.
The Labor Department said 19 of 372 metropolitan areas surveyed posted unemployment rates of at least 15% last month, up from 17 metro areas in November.
just keeps getting better and better
Job reports paint mixed picture
By Chavon Sutton and Blake Ellis, staff reportersFebruary 3, 2010: 11:05 AM ET
NEW YORK (CNNMoney.com) -- Uncertainly about the future prospects for jobs in America got even foggier Wednesday as two reports on job cuts revealed conflicting results.
A report from Automatic Data Processing, a firm that collects monthly payroll data, suggested that the pace of job cuts may be slowing. But a separate report from Challenger, which predicts job cuts based on forward-looking announcements from companies, said planned cuts hit a 5-month high in January.
The retail and telecom sectors were the hardest hit in January, with 16,737 and 14,010 job cuts, respectively. Last month Wal-Mart (WMT, Fortune 500) said it would shed 11,200 positions at its Sam's Clubs Warehouse outlets, and Verizon Communications (VZ, Fortune 500), announced 13,000 layoffs.
So, if you think your upside down already, just wait
Foreclosure ‘Overhang’ Will Cause Home-Price Decline, S&P Says
February16, 2010, Business Week
Foreclosures will cause U.S. home prices to fall this year as lenders buck federal pressure to modify loans, according to a report from Standard & Poor’s Financial Services. “The mortgage crisis may be far from over,” Diane Westerback, a managing director at the New York-based firm, wrote in today’s report. “The overhang of homes heading toward liquidation suggests more delinquencies and lower home prices are to come.”
Absolutely! So many people
Absolutely! So many people got suckered into the belief that "home prices will always appreciate and never lose value, so you can buy more than your means now with an adjustable rate mortgage (or, Lord help ya, interest only mortgage) and by the time your rate adjusts and skyrockets, your home will be worth even more and then you can refinance it at a fixed rate AND take out some of the equity as CASH too!"
Hey don't be ashamed if you or anyone you know got caught up in the BS. If the current values do finally drop to the 50% they are actually worth, people with bad credit and a recent foreclosure will still get a great deal even with a high interest rate and a home worth it's true value. (Remember the '80's and 15+% mortgages?) This could be a blessing in disguise!
No doubt about it, eh?
New Wave of Foreclosures by End of 2010 is Feared
February16, 2010, Los Angeles Times
About 4 million U.S. homeowners are 90 days or more delinquent on their loans or in foreclosure proceedings, Moody's Economy.com says. A federal loan modification program is helping a relative few. Experts fear that a new wave of foreclosures will hit this year as prolonged unemployment makes it difficult for millions of homeowners to pay their mortgages -- and many of them aren't likely to get much help from a federal program aimed at keeping them in their houses. Banks participating in the Home Affordable Modification Program, announced a year ago this week by President Obama, have been slow to turn temporarily reduced mortgage payments into permanent ones.
None
None of those companies had paid back the money at the time of the bonuses. Some of them have now paid back the money, many of them have not and are asking for more bailout. Those funds used for bonuses should have been used to pay off their debt.