Word: taxed
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...much out of the next $30 billion in bailout funding when it is delivered - which amounts to a mere 0.1% of the total AIG has received. Assorted Senators, from New York Democrat Chuck Schumer to Montana Democrat Max Baucus and Iowa Republican Chuck Grassley, have proposed a number of tax and legal schemes to snatch back the bonus bucks from AIG FP executives - 73 of whom got payouts of $1 million or more, according to New York State attorney general Andrew Cuomo. (Read "Treasury Learned of AIG Bonuses Earlier Than Claimed...
...moment. Barack Obama was elected President because the governing philosophy of the last 30 years, arrant Reaganism, had proved itself bankrupt. Reaganism was distinguished by four characteristics--at least, according to its own mythology: the belief that government was "the problem" and so less of it was better, tax-cutting (for the wealthy), deregulation and an insistence on military strength as the primary projection of American authority overseas. These were, in some cases, fantasy attributes: After lowering taxes in 1981, Reagan raised them in 1982 and 1983. In many cases, especially deregulation--I'm talking about you, Lawrence Summers--Democrats...
...Emanuel and congressional liaison Phil Schiliro will focus and massage the legislative packages that will be forthcoming. It is entirely possible, as this magazine surmised last week, that Obama has taken on too much, too soon. Or maybe not. The public hasn't even seen the benefits of the tax cuts that were embedded in the stimulus bill yet. The shovels are barely ready for the new infrastructure spending...
...past few years, Carl Anglesea gave about $400 each year to charity. But he lost his job as a software developer in August, and since then Anglesea, 54, of Chuluota, Fla., hasn't given a dime. What he has done, though, is triple his hours as a volunteer AARP tax counselor helping people fill out tax forms. "I'd like to give cash, but I can't," he says. "So I'm committing to more hours as a substitute...
...event, any tax-the-bonuses bill is likely to meet powerful opposition. House Ways and Means Committee chairman Charlie Rangel, Congress's top tax writer, told reporters that taxing the bonuses "is a venting type of thing. I would hope and assume we have alternatives to the tax codes ... When you get angry, you don't think as clearly as when you calm down." He added, "It is tough to me to think of the tax code as a political weapon." Rangel would be a huge obstacle to any such bill, no matter who originates it. Others say this type...