While mentioning the common sense initiative yesterday of Virginia Gov. Bob McDonnell....we also have an initiative supported by another Virginian though unfortunately this is NOT one to support.
While the intention is good the precedent is bad. Read through the deal, control your emotions not to express outrage at such private companies bonus plans BUT concentrate on the precedent and ask yourself is this constitutional? Govern by law not "fairness."
From Jim Webb, Virginia Senator
Executive compensation. I introduced my Taxpayer Fairness Act as an amendment to the bill. My amendment would give American taxpayers an upside in the recovery of our economic system, which became possible only because their tax dollars saved it. It puts a one-time windfall tax on bonuses paid in 2010 to executives of the thirteen financial institutions that received $5 billion or more of taxpayer support under TARP or the Housing and Economic Recovery Act of 2008 (Fannie Mae and Freddie Mac). This one-time, 50 percent excise tax on bonuses above $400,000 would raise, at a minimum, an estimated $3.5 billion. Nothing is more fair or appropriate than to make American taxpayers whole after they infused our financial system with capital necessary for its recovery.