Taxing Executive Bonuses Paid By Companies Receiving TARP Assistance

Floor Speech

TAXING EXECUTIVE BONUSES PAID BY COMPANIES RECEIVING TARP ASSISTANCE -- (House of Representatives - March 19, 2009)

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Mr. BURGESS. I thank the gentleman for the recognition.

Mr. Speaker, the President most recently in his inaugural address said, and I am quoting, ``And those of us who manage the public's dollars will be held to account--to spend wisely, reform bad habits, and do our business in the light of day--because only then can we restore the vital trust between a people and their government.''

Well, I agree wholeheartedly with the President's statement.

Now, if we expect the American people to trust the decisions we are making with their hard-earned money, we, ourselves, must be accountable.

Now, it is a fact that, as Members of Congress, we earn a base pay. Members of leadership earn an amount above that, essentially a bonus, a performance bonus. If this bill were under a rule, I would have an amendment, and the Burgess amendment very simply would tax that extra pay, the bonuses that we give leadership, on top of their congressional salary. The Democrats' leadership solution is to impose a huge tax on bonuses.

But what about raising the tax on their own performance bonuses? Again, Mr. Speaker, how can we expect to be able to restore the vital trust between the people and this government, as the President stated, if we will not first hold ourselves accountable?

Amendment

Offered by Mr. Burgess of Texas

At the end, add the following:

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