House OKs 90% Tax on AIG Bonuses

Bill being rushed through would slap 90% tax on bonuses at bailed-out firms

(NEWSER) - The House will vote today on a hastily crafted bill to claw back bonuses from executives at AIG and other bailed-out firms, reports the Hill. The bill, drawn up by Democratic tax experts, slaps a 90% tax on bonuses over $250,000 at firms that received $5 billion or more in federal aid. The House Judiciary Committee is racing to complete another bill allowing the Justice Department to target the bonuses as “excessive payments.” More»

Reps who switched vote already spinning change for constituents

(NEWSER) - Less than 2 hours after the House passed the $700 billion bailout bill, President Bush signed it this afternoon. With a stroke of a pen, he set in motion $110 million in tax cuts and sent the legislators on both sides of the 263-171 vote home to explain themselves to their constituents just over a month before Election Day, the Los Angeles Times reports. More»

(NEWSER) - The House passed the revised $700 billion buyout plan this afternoon, 263-171, raising hopes that the economy will be able to fend off a recession, reports the Washington Post. After 5 days of arm-twisting, 26 Republicans switched their no votes; a total of 91 joined 172 Democrats in backing the legislation today. Within minutes, President Bush said he'll sign it as soon as Congress gets it to him. More»

Efforts to sway votes move into overdrive as second effort looms

(NEWSER) - Leaders and lobbyists are scrambling to marshal support for the revamped bailout bill before it returns to the House at midday today, the Washington Post reports. Democratic and GOP chiefs believe they can sway enough votes to swing it—although only a few have switched so far. Some Republicans who backed it the first time around are considering nixing it this time, annoyed by the tacked-on special-interest tax breaks. More»

(NEWSER) - The Senate version of the bailout bill has ballooned to more than 400 pages as legislators flesh out details in hopes of gaining passage as soon as tonight, Politico reports. The marquee measure boosts FDIC coverage of individual accounts from $100,000 to $250,000, with numerous lower-profile provisions intended to speed passage and increase pressure on the House to get moving. More»