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WASHINGTON-Acting swiftly, the Democratic-led House approved a bill Thursday to slap punishing taxes on big employee bonuses at firms bailed out by taxpayers.In some cases the bonuses might be taxed 100 percent leaving the recipients with nothing.The bill would impose a 90 percent tax on bonuses given to employees with family incomes above $250,000 at American International Group and other companies that have received at least $5 billion in government bailout money."We want our money back now for the taxpayers," House Speaker Nancy Pelosi said.Rep. Charles Rangel, a New York Democrat, chairman of the tax-writing House Ways and Means Committee, said he expected local and state governments to take the remaining 10 percent of the bonuses, nullifying the payouts.Rangel said the bill would apply to mortgage giants Fannie Mae and Freddie Mac, among others, while excluding community banks and other smaller companies that have received less bailout money.Democrats led the charge in an attempt to get in front of raging public anger over the AIG bonuses, even though a provision that would have made such payouts illegal was stripped from last month's $787 billion stimulus bill by its Democratic sponsors.The vote to tax back most of the bonuses was 328-93. Voting "yes" were 243 Democrats and 85 Republicans. It was opposed by six Democrats and 87 Republicans.The bonuses, totaling $165 million, were paid to employees of troubled insurer AIG over the weekend, including to traders in the unit that nearly brought about the company's collapse.The bonuses have dominated U.S. news for days, outraging Americans who have been seething for months over the government using their tax dollars to bail out mismanaged financial companies.The issue has kept the new administration of President Barack Obama on the defensive and cast doubts on the future of his Treasury Secretary, Timothy Geithner. It also has raised questions about Obama's ability to push through a second financial rescue plan that he says is needed to revive the sagging U.S. economy.The wide margin of victory came despite sharp Republican attacks calling the legislation a ploy to paper over Obama administration missteps.Stephen Ohlemacher, Associated Press Writer
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