90% Tax On Your Ass

Obama together with his treasury secretary flexed presidential muscle on insurance company AIG by putting together a bill to tax any bonuses given to employees of companies receiving federal bail out whose income exceeds $250,000. Earlier this month AIG gave out bonuses to its employees upwards of $500,000 each using money from their federal bail out.

Obama's 90% claw back tax bill passed the House of Reps 328 to 93. The bill still has to pass the senate. The bankers are freaking out. What will they do with a measely $250,000??

From the Financial Times.