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AIG bonuses will never get recovered because the court will find new tax law unconstitutional
Fred Day
Mar. 21, 2009
AIG bonuses will never get recovered because the court will find new tax law unconstitutional.
Congress is inviting legal challenges by moving to tax American International Group Inc. employee bonuses. Those challenges will succeed, legal experts say.
The House on March 19 voted 328-93 in favor of imposing a 90 percent tax on bonuses, including the $165 million paid by insurer AIG, at companies receiving federal bailout funds. The Senate plans to vote on a similar measure next week. State of Connecticut’s attorney General Bloomenthal now reports the real amount is $218 million, a 25% more than originally reported.
The legislation raises a number of legal questions, and New Hampshire Republican Senator Judd Gregg said it was unconstitutional.
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