Democrats Push to Tax Wall Street Bonuses

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Democrats Push to Tax Wall Street Bonuses

truthout – Joining the push for new legislation in response to lavish bonuses paid in the financial industry, Sen. Sherrod Brown (D-Ohio) has introduced legislation that would tax bonuses paid to executives by banks that received government bailout funds.

The bill would tax cash and stock bonuses of more than $25,000 by 50 percent, diverting the money towards loans for small businesses.

"It's time for Wall Street to return the favor to Main Street," Brown said in a statement Thursday. "While big banks have rebounded thanks to the help of American taxpayers, small businesses are still struggling. If a big firm that received taxpayer help is now paying out massive bonuses, they should be able to help American small businesses expand operations and hire new workers."

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