S. 2994 · 111th Congress
Taxpayer Fairness Act
- Stage
- In committee
- Sponsor
- Barbara Boxer
- Introduced
- 2010-02-04
- Latest action
- 2010-02-04 · Introduced in Senate
Summary
Taxpayer Fairness Act - Amends the Internal Revenue Code to: (1) impose a 50% tax on bonuses, including retention bonuses, exceeding $400,000 paid in 2009 to employees of financial institutions (including the Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddie Mac]) that received $5 billion or more in emergency economic assistance from the federal government; and (2) limit the business tax deduction for such bonuses to 50% of the amount of such bonuses.