Bonuses From Companies Bailed Out By TARP Could Be Taxed

By Laurel Brishel Prichard University of New Mexico/ Talk Radio News Service

Sen. Barbara Boxer (D-Calif.) and Sen. Jim Webb (D-Va.) introduced a bill that would tax bonuses distributed by financial institutions bailed out by the Troubled Assets Relief Program (TARP) during a press conference Thursday afternoon.

The bill would place a 50 percent tax on bonuses over $400,000. Some of the companies that would be hit include Bank of America, Citigroup, Goldman Sachs, Merrill Lynch, Morgan Stanley, JP Morgan and Wells Fargo.

The bill would require a tax on the bonuses even if the companies have already paid back the money initially received through TARP.

“If your going to get that kind of bonus, you can share it 50-50 with the people who helped bail you out. We believe that's fair, reasonable and its not any example of what people will call class warfare,” said Webb.

Both Senators hope for bipartisan support on the bill.

Boxer: America Is Taking Action On Climate Change

Travis Martinez, University of New Mexico/Talk Radio News Service

As leaders from across the world converge in Copenhagen for climate change talks, Sen. Barbara Boxer (D-Calif.) a lead proponent in climate change, explained Monday that America has been making changes that the rest of the world should follow.

“Take a look at America, because what you see, will please you,” Boxer said.

Boxer stressed in her remarks that America has stepped up their efforts from the state and local government fronts, to consumer and private sectors.

“A [California] 2006 law requires action to cut greenhouse gas emissions to 1990 levels by 2020... The California Air Resources Board produced its first cap-and-trade blueprint,” said Boxer. “The actions by states are powerful evidence that our states are committed to participating in the clean energy transformation."

She also spoke on recent actions by the Obama Administration and the Environmental Protection Agency who released findings that confirmed global warming presents a danger to people and the environment.

"The Clean Air Act provides EPA with powerful tools for addressing greenhouse gases, and the Supreme Court found it is their responsibility," Boxer said. “The Obama Administration has done the right thing for the nation, for the planet and if you listen to our business community for the economy."

Boxer said she is deeply concerned that “Personal” events on climate change could “Get in the way of science”. She explained that nothing from the stolen emails in the “Climate Gate” saga has contradicted the overwhelming science.

“The science is clear, the challenge is real, and the time to act is now... Our nation will be a full participant in crafting a global solution to this global challenge,” Boxer said.

Global warming: Could be a measuring error

Expert scientists disagreed on the key contributor to global warming at a Senate Environment and Public Works Committee hearing addressing the science and implications behind climate change.

There were fundamental differences between Roy W. Spencer, former NASA scientist during the Clinton Administration, and Dr. Kevin E. Trenberth, senior scientist at the National Center for Atmospheric Research. Spencer attributes the majority of global warming contributions to errors in Intergovernmental Panel on Climate Change (IPCC) measurement due to natural causes, while Dr. Trenberth argues that climate change is a result of carbon emissions from human activity. Spencer cited evidence of natural cloud variability from satellite footage that has contributed to inaccuracies in the IPCC measurements. Forty experts saw this evidence and had no objections, Spencer said.

Spencer claimed that the Clinton Administration told him what he could and could not say to Congress about global warming and greenhouse emissions. Since Spencer is skeptical of climate change, he believes the administration was protecting Vice President Al Gore’s political agenda by censoring him.

Chairwoman Barbara Boxer (D-Calif.) cited Spencer’s blog, where he admits that the Clinton Administration never told him what was and was not permissible to say to Congress. Dr. Trenberth warned that global warming is a problem that exists today and is accelerating. Jason Burnett, former Associate Deputy Administrator for the Environmental Protection Agency (EPA), said that the climate change issue is not a matter of opinion, but about the facts, which undoubtedly show that it is happening.