Now I really like your style, Senator McCaskill, but you are singing to the choir out here. So roll up your sleeves & go to work fast to amend the tax code if you want to recoup most of that money.
Beginning with TY2008:
- Apply a 70% tax rate to total salaries over $500,000 received from a TARP recipient, including stock options valued as of January 1, 2008.
- Apply an 80% tax rate to the total value of bonuses received by anyone earning more than $250,000 from a TARP recipient.
- Disallow any personal deductions up to the total amount of salaries and bonuses received from a TARP recipient.
- Eliminate deductions for entertainment and marketing expenses claimed by a TARP recipient or by any employee of a TARP recipient.