Rep. Maloney Applauds Passage of AIG Tax Bill

For Immediate Release: March 19, 2009

Contact: Joe Soldevere, (212) 860-0606

Maloney Applauds Passage of AIG Tax Bill

-Legislation Would Levy 90% Tax on Bonuses Paid by TARP Recipients,

Tracks Bill Maloney Introduced Earlier This Week-

Washington, D.C. – Congresswoman Carolyn B. Maloney (D-NY) today applauded the House passage of H.R. 1586, which would impose a 90% federal tax on bonuses paid by AIG and other companies receiving more than $5 billion in funding from the federal government’s Troubled Assets Relief Program.  The bill, which passed the House by a vote of 328-93, would apply to bonuses paid after December 31, 2008 to those with more than $250,000 in adjusted gross income.

On Tuesday, Maloney introduced H.R. 1542, the AIG Taxpayer Protection Act, which would have taxed these bonuses at 100%.  Maloney is also a co-sponsor of the bill that passed today.

“I’m proud that the House has taken action to return these bonuses to the federal treasury, a concept I introduced in legislation earlier this week.  It would be morally reprehensible and fiscally irresponsible to allow millions to go to those who cost our country billions.  Bonuses should be based on creating value, not destroying it,” said Maloney. 

“The days of ‘heads I win, tails the taxpayers lose’ corporate mismanagement are over,” Maloney added.  “I am grateful to Speaker Pelosi and Chairman Rangel for taking decisive action to correct the intolerable abuses at AIG.  It’s now time to get back to the business of rebuilding our economy, creating jobs, and restoring the public’s faith in corporate America.”

###

Joe Soldevere

Press Secretary

Congresswoman Carolyn B. Maloney (NY-14)

Office:  (212) 860-0606

Mobile: (646) 831-1649