Welch rallies for Wall Street Bonus Tax on Capitol Hill

Momentum continued to build Thursday for a tax on excessive Wall Street bonuses as 11 House members held a Capitol Hill press conference to rally for the Wall Street Bonus Tax Act (HR 4426). Introduced by Rep. Peter Welch (D-Vt.) earlier this week and cosponsored by 23 House members, the bill would tax bonuses at firms that have received assistance through the Troubled Asset Relief Program at a rate of 50 percent for all bonus compensation in excess of $50000. Revenues generated through the tax would fund a new direct lending program administered by the Small Business Administration (SBA). Cosponsors of the bill include: Reps. Doggett, McDermott, McGovern, Hinchey, DeFazio, Cohen, Cardoza, Massa, Sutton, Slaughter, Schakowsky, Yarmuth, Hare, Garamendi, Capps, Kildee, Teague, Rothman, Michaud, Courtney, Braley and Kagen. Fifteen months after the American taxpayer threw Wall Street a life preserver, its biggest firms are about to break their own records of lavish, excessive and unearned bonuses. Paid for by hardworking Americans who continue to struggle through tough economic times, these bonuses are Exhibit A that Wall Street has not learned its lesson, said Rep. Peter Welch. When you see a bank being robbed, you try to stop it. My bill will put an end to this breathtaking heist. Were having this press conference early in the morning, because it is time for a wake-up call. With double-digit unemployment in a recession they helped cause, theres no justification for 7 or 8 ...



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