OK, I totally underestimated the appeal of using the tax code to recoup AIG bonus payments. Sorry, Charlie, for doubting you.
Charlie is, of course, Charles Rangel, chairman of the House Ways and Means Commitee and chief sponsor of H.R. 1586, a bill that would tax up to 90 percent of bonus money paid to certain AIG employees. By a vote of 328-to-93, the measure passed the House.
The Senate Finance Committee leaders are working on their own AIG bonus bill. It must pass that chamber and then the two pieces of legislation will have to be reconciled.
It will be interesting to see what the Senate comes up with and just how a final AIG measure will shape up. Regardless, I stand by my earlier positon that the bonuses should be nulified, not taxed.
But then, for better or worse (for me and the country!), I'm not in Congress.