Tax TARP Recipients

I am outraged, too! What was Congress thinking... or at least the idiots who wrote TARP?!

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:

1. 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.
2. Apply an 80% tax rate to the total value of bonuses received by anyone earning more than $250,000 from a TARP recipient.
3. Disallow any personal deductions up to the total amount of salaries and bonuses received from a TARP recipient.
4. Eliminate deductions for entertainment and marketing expenses claimed by a TARP recipient or by any employee of a TARP recipient.

If you can get this passed, you will be forever America's HERO!!!

Failing Grade for TARP

While the Golden Globe hands out cinema awards, I can think of at least 4 reasons Congress & Bush's Administration should receive a big fat 'F' for TARP:

1. failing to enforce use of the money as intended by Congress (extend credit),
2. failing to enforce transactional transparency for the money given (as agreed),
3. failing to immediately put an army of bank auditors inside the banks, and
4. failing to investigate CEO's for evidence of criminal malfeasance.

CEO's knew when they signed those 1-pg. agreements that TARP was a toothless tiger. These men did not rise up through the ranks to earn millions each year without learning something about politics both within their companies & with the Administration as well as the SEC.

Will someone with backbone & ethics please take the wheel now?
~ Informed citizens are necessary for a strong nation. ~