Bonus bill vote splits House GOP

Passed 328 to 93. 85 Republicans voted for it, 87 against it. Cantor voted for it, Boehner against it. And some good news, a source on the Hill assures me that Pelosi’s fact sheet on her Web site, regarding the bonus tax, was unclear, at least in one part. The bonus legislation income cap, which exempts those making under $250,000 a year from the bonus tax, includes the bonuses themselves in calculating that $250,000 income. Meaning, if your adjusted gross income is $101,000 a year and they give you a $150,000 bonus, then your total “income” for purposes of the bonus tax is $251,000 – and thus you’re covered by the bonus tax since you make over $250,000 (though possibly only your income above $250k is covered, it’s not totally clear). The tax, however, still exempts people working for companies that take less than $5bn in bailout monies, or people who received bonuses before January 1 of this year.

CyberDisobedience on Substack | @aravosis | Facebook | Instagram | LinkedIn. John Aravosis is the Executive Editor of AMERICAblog, which he founded in 2004. He has a joint law degree (JD) and masters in Foreign Service from Georgetown; and has worked in the US Senate, World Bank, Children's Defense Fund, the United Nations Development Programme, and as a stringer for the Economist. He is a frequent TV pundit, having appeared on the O'Reilly Factor, Hardball, World News Tonight, Nightline, AM Joy & Reliable Sources, among others. John lives in Washington, DC. .

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