To amend the Internal Revenue Code of 1986 to impose a 70 percent tax on certain compensation received from certain companies receiving Federal bailout funds.

Summary

Amends the Internal Revenue Code to impose a 70% tax on compensation in excess of $1 million received by an employee from an employer who has received, in the aggregate, economic assistance of more than $500 million under the Troubled Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008 or the Housing and Economic Recovery Act of 2008. Exempts employees who return such compensation to their employer or who receive such compensation as a commissioned sales person.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 30 March 2009

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• Introduced in House (PDF)

  Introduced in House · EN · 30 March 2009

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• Introduced in House

  summary · EN · 30 March 2009

  Open at official source

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