Sen. Sherrod Brown seeks 50 percent tax on Wall Street bonuses

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Sen. Sherrod Brown seeks 50 percent tax on Wall Street bonuses

The Hill – Sen. Sherrod Brown (D-Ohio) on Thursday became the latest lawmaker to push for a new tax on Wall Street bonuses.

Brown wants to impose a 50 percent tax on executive bonuses at firms that received aid under the $700 billion financial bailout package. The tax would fall on bonuses in excess of $25,000. Brown's legislation would use the revenue to support loans from the Small Business Administration (SBA).

“It’s time for Wall Street to return the favor to Main Street,” Brown said.

Brown's bill comes on the heels of several similar efforts in the last two weeks as Wall Street pays out major bonuses to employees at firms that received bailout money. The House passed a bill in 2009 to tax bonuses at firms that were bailed out, but the Senate never approved a comparable bill.

There is no indication yet the full Senate will take up the latest bills.

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