US bankers face 90% bonus tax

US politicians are rushing through legislation that would hit bankers with a 90% tax on their bonuses.

The law going through Congress will affect any employees of any company that has received more than $5bn (£3.4bn) in money to rescue it. Any employee with a gross income of more than $250,000 who was paid a bonus this calendar year would face a 90% tax on it, reported the FT.

The bill is being pushed through after it was revealed that AIG has paid out $165m in bonuses, having received over $170bn of public money to rescue the insurance group.

Further reading:

Bonus culture: the real cost of bank FDs

FDs come under pressure as bonus schemes face scrutiny

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