Posts tagged as:

bailout

Legislation Introduced to Tax Bonuses at 90%

19 March 2009

The House Committee on Ways and Means has announced that Rep. Charles B. Rangel (D-NY) has introduced legislation to tax executive bonuses. The legislation, if passed, would affect bonuses received after January 1, 2009. You can read the text of the bill here as a pdf.
The legislation, which has been introduced as H.R. [...]

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Looking for Bank Bailout News?

9 February 2009

You won’t get it today.
Newly confirmed Secretary of the Treasury Timothy Geithner was slated to announce details of the revised bank bailout plan on today but that’s not going to happen. The Treasury is moving the planned speech ahead to tomorrow in order to focus on the economic stimulus bill. The bill is [...]

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Obama Caps Exec Pay in Bailout Plan: Will It Make a Difference?

5 February 2009

Taxpayers have been crying foul for weeks now after it was revealed that executives of failing financial institutions were still being rewarded with extraordinary pay outs. How big were the pay outs? If you include stock options, bonuses and perks, the chief executives of 10 banks which received $161 billion in federal bailout [...]

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Who Else Wants a Bailout?

8 January 2009

So let’s see. AIG gets a bailout. Banks get a bailout. The Big 3 automakers get a bailout.
Who’s next?
If Larry Flynt and our old friend and alleged tax evader Joe Francis have their way, it would be porn.
Flynt and Francis have penned a (no jokes, please, remember that my mom is reading) [...]

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Is Santa Bringing Bush a Chrysler for Christmas?

12 December 2008

In a surprise move, the Bush administration has indicated that it might use taxpayer dollars previously earmarked for banks through the Troubled Asset Relief Program or TARP, to save the Big 3 automakers.
No, no, don’t read it again. You got it right the first time.
The White House had initially said “no way” to the [...]

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Fix the Tax Code Friday: Auto Industry Bailout

21 November 2008

It’s Fix the Tax Code Friday!
For most of the week, the headlines have involved the crisis in the automotive industry with eyes on the “Big Three”: Ford, General Motors (GM) and Chrysler. Execs from the Big Three jetted to DC to beg lawmakers for loans worth billions of dollars, warning that the failure [...]

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AIG Sues IRS for Enormous Refund

15 November 2008

AIG has revealed that they are suing the IRS for $329 million, claiming a refund for back taxes and penalties. Hmm, I wonder if they’ll return some of that bailout money if they win?
Oh wait. They won’t win.
That’s because the IRS has already labeled the transactions “abusive” and penalized the company for taking [...]

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PNC and Other Banks Benefit from Bad Debts

3 November 2008

Boy, am I glad that the government pumped billions of dollars into the banking industry!
Since that time, borrowing has become significantly easier. Wait, that hasn’t happened?
Well, at least the Dow regained its faith in the market. Wait, that didn’t happen either?
What did happen? Oh yeah, banks made more money.
Need proof? [...]

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You Get a Tax Perk! And You Get a Tax Perk!

8 October 2008

I’ve been tossing around blog post after blog post in my head, trying to figure out what to write exactly about the tax provisions in the most recent bailout package. And I think I’ve finally figured out what’s been bothering me: the darn thing just doesn’t make sense.
I knew that the bill was [...]

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Everything But the Kitchen Sink

1 October 2008

Why is it that Congress can’t pass a bill without a bunch of add-ons? As it turns out, the bailout of the economy will be no different.
This evening, the Senate passed a version of the bailout bill by a vote of 74 to 25 (in case you’re wondering, both McCain and Obama voted yes).
The [...]

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