March 2009

TARP Bonuses
Congressman Rangel introduced legislation addressing companies using taxpayer funds to pay executive bonuses. The legislation, H.R. 1586, would tax the bonuses of highly paid individuals at a rate of 90 percent if their employer received more than five billion dollars in Federal assistance under the Troubled Asset Relief Program. The legislation only applies to individuals whose total family income exceeds $250,000 per year (adjusted gross income).

Update, 3/19, 3:00 PM: H.R. 1586 Passes 328 to 93.

You can read the full bill text here and a brief summary of the bill here.
Here are a few of Congressman Rangel's words:

“This bill rights a wrong. Most Americans believe a bonus is paid for a job well done.  The whole idea that a handful of people might receive bonuses at taxpayer expense for threatening our financial system and the very communities in which we live is simply repugnant.  It is not our job to tell the private sector what to do, but it is our job to say you’re not rewarding greed at taxpayer expense.

“The buck stops here and this bill sends a clear signal -- a red light -- showing that this abuse must stop and the IRS will enforce the law. We are not trying to punish anybody, but rewards should be subjective and you don’t reward greed with taxpayer money.  I am so pleased this bill passed with overwhelming bipartisan support and I hope the Senate will follow suit.”

President Obama's Budget Proposal

Update, 4/02, 5:00 PM: H. Con. Res 85 Passes 233 to 196.

You can read the Ways and Means press release here.
Here are a few of Congressman Rangel's words:

"President Obama united this nation behind the hope for a stronger economy and a brighter future and this budget puts our nation back on track. The House Budget Resolution answers President Obama’s call for action on critical issues such as health reform, middle-class tax relief and clean energy policies to fuel our economy in the 21stCentury. By approving this budget, we take a step toward making critical investments in our cities, towns, and in working families across this great nation."

Congressman Rangel, as Chairman of the Ways and Means Committee, held a hearing in that committee where Secretary of the Treasury Timothy Geitner answered questions regarding President Obama's budget. Here are few words from the Congressman about it:

"President Obama’s budget lays out a responsible, straightforward roadmap to put our nation back on track to prosperity.   This Administration is ushering in a new era defined by core principles of strengthening economic security for America’s middle-class and making overdue investments in health care, education, and infrastructure to make our nation stronger.

“The budget also provides a framework for simplifying our tax laws to close loopholes and make the code leaner and stronger.  I have no doubt that this budget outline will spur vigorous discussion, but it is a discussion we cannot shy away from.  I look forward to working with President Obama to move forward in a bipartisan manner to simplify our tax laws and help our workers and companies remain competitive internationally.

“For too long, hardworking families have watched their wages, savings and hopes dwindle – and at the same time, they have watched the wealthiest among us grow wealthier.  This Administration knows that the middle-class is the backbone of our economy, and this budget makes an investment in their future to help them take home more from each paycheck to provide for their families and rekindle the American dream.  The budget makes good on our promise to provide permanent tax relief for 95 percent of working families to help them restore some of the economic peace-of-mind that has been lost in recent years.

“We are also paving the way for comprehensive health reform to expand coverage and address skyrocketing health costs that threatens access for those with insurance and prevents tens of millions of Americans from getting the care they need.  By strengthening existing programs, we can lay a foundation for reform to ensure that everyone has access to affordable care that meets their needs.  President Obama has been clear from the beginning that the challenges we face will require tough decisions and this budget further demonstrates the strength of his leadership to guide our nation through these difficult times.

“President Obama’s budget offers a clear vision for the future, and a clean break from irresponsible budget gimmicks of the past that hid the true cost of the wars in Iraq and Afghanistan, so that the American people can see clearly how their hard-earned tax dollars are spent.  I look forward to working with President Obama and Congressional leaders to make this vision a reality so that we can pick our nation up out of this recession and build a brighter future for all Americans.”

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