The top two members of the Senate Finance Committee plan to introduce a bill that would impose a 35 percent excise tax on the companies paying the bonuses and a 35 percent excise tax on the employees receiving them. The taxes would apply to all companies receiving government bailout money, but they are clearly geared toward AIG.
Finance Chairman Sen. Max Baucus said the plan is designed to pass constitutional muster while retrieving the bulk of the bonuses paid by AIG. He was joined by Sen. Charles Grassley, the top Republican on the committee.
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