7am News, Sports and Obits
Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Durbin: Taxing AIG Bonuses Constitutional
The fate of some of insurance giant AIG employees' retention bonuses rests partially in the U.S. Senate's hands, as Senators are expected to consider a measure this week that would tax those bonuses at 90 percent.

U.S. Senator Dick Durbin (D-Ill.) says the federal government has no other options. In order to retain taxpayer trust, he says it must recoup much of the money, which some taxpayers say was spent in an outrageous manner.

Durbin hopes the majority of his colleagues in the Senate will vote yes and send this measure to the president because he wants to send beneficiaries of government bailout money a message that taxpayer dollars are not to be used for personal gain.

Durbin says it might not be the best policy to rush to a decision on a 90 percent tax rate, but he says it's both lawful and constitutional. The U.S. House of Representatives passed the measure last week.

(Illinois Radio Network)
03 23 09 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.