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: Legal Pad | LA

Courts likely to uphold AIG bonus tax

By Richard Binder

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Courts probably will uphold Congress?s effort to tax employee bonuses at American International Group Inc. and other companies receiving federal bailout funds, several legal experts said.

?Given the state of the law, it will be unlikely that the Supreme Court will strike down this legislation,? said Edward McCaffery, a University of Southern California tax-law professor who says he questions the wisdom of the proposal.

The House yesterday voted 328-93 in favor of a 90 percent tax on bonuses, including the $165 million insurer AIG paid last week after receiving $173 billion in bailout funds. The Senate plans to vote next week.

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Full post as published by Legal Pad | LA on March 20, 2009 (boomark / email).

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