Monday, March 23, 2009

Taxing AIG bonus money at 90%?

Great quote from John Campbell(R-CA) regarding taxing AIG executives at 90%.

"You may or may not realize it, but embezzlement income is taxable today, but at normal rates. So if you steal money, you will not have a tax higher than normal. You may be forced to give the money back because you stole it, but it will not be taxed away from you. This bill makes a bonus from Bank of America a more egregious offense under the tax laws than bank robbery."

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