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What's in the AIG bill?
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It short (six pages), but about as easy to read as Finnegan's Wake. Here are some details that I haven't seen in all the major news reports:
1. The bill applies to employees and former employees, so an AIG executive can't dodge the tax by quitting the company.
2. The "disqualified bonus payment" defined as: "any retention payment, incentive payment, or other bonus which is in addition to any amount payable to such individual for service performed by such individual at a regular hourly, daily, weekly, monthly, or similar periodic rate."
3. Such term "shall not include commissions, welfare or fringe benefits, or expense reimbursements." (How inclusive are these categories?)
4. The law applies to (a) recipients of more than $5 billion under the Economic Stabilization Act of 2008 (TARP); (b) Fannie Mae and Freddie Mac; (c) institutions owned by the TARP recipients or Fannie and Freddie (d) institutions that are members of the "same affiliated group," as defined in the tax code.
1. The bill applies to employees and former employees, so an AIG executive can't dodge the tax by quitting the company.
2. The "disqualified bonus payment" defined as: "any retention payment, incentive payment, or other bonus which is in addition to any amount payable to such individual for service performed by such individual at a regular hourly, daily, weekly, monthly, or similar periodic rate."
3. Such term "shall not include commissions, welfare or fringe benefits, or expense reimbursements." (How inclusive are these categories?)
4. The law applies to (a) recipients of more than $5 billion under the Economic Stabilization Act of 2008 (TARP); (b) Fannie Mae and Freddie Mac; (c) institutions owned by the TARP recipients or Fannie and Freddie (d) institutions that are members of the "same affiliated group," as defined in the tax code.
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