(Washington, DC) - Last night Congressman Baron Hill supported bipartisan legislation addressing companies’ use of taxpayer funds to pay executive bonuses.  With a vote of 328-93, 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 (TARP).  The legislation only applies to individuals whose total family income exceeds $250,000 per year (adjusted gross income).  It affects bonuses received after January 1, 2009 and would cover companies receiving more than three-fourths of financial rescue funds already distributed. 

“The complete and utter lack of oversight is one of the key reasons I voted against the financial bailout bill, not once but twice,” Hill said.  “But, when we have an opportunity to recoup taxpayers’ money spent on outrageous bonuses, I will certainly support that effort.” 

In addition, Hill joined several of his congressional colleagues in sending a letter to Treasury Secretary Timothy Geithner earlier in the week requesting a full accounting of the use of taxpayer money at AIG and other recipients.  And, Hill added his name as an original cosponsor of Representative Steve Israel’s bill that would tax TARP-taking company big bonuses at 100 percent.