New York housing market is going to crash hard

F

freewilly

http://finance.yahoo.com/news/House...l?sec=topStories&pos=main&asset=TBD&ccode=TBD

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."

Not just AIG, but all big banks,
and not just executives, but all employee with family income higher than $250K. Basically the whole Wall Street is capped at $250K. $250K will not afford those houses. A one bedroom apartment could cost a million.

tHAT'S A VERY BOLD step from Obama. Am I reading it wrong?

Kai
 
Quote from freewilly:

http://finance.yahoo.com/news/House...l?sec=topStories&pos=main&asset=TBD&ccode=TBD

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."

Not just AIG, but all big banks,
and not just executives, but all employee with family income higher than $250K. Basically the whole Wall Street is capped at $250K. $250K will not afford those houses. A one bedroom apartment could cost a million.

tHAT'S A VERY BOLD step from Obama. Am I reading it wrong?

Kai
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I don't think Obama has anything to do with this. It's the doing of Congress, exclusively, I do believe.

Republicans in the House were somewhere about 74 for it, and 90-something against it, so even they got swept up in populist fever.
 
You forgot to mention that it only applies to companies which are using TARP funds or other direct subsidies from the government.
 
Quote from brocklanders:

What about the companies that were forced to take TARP money like JPMorgan? This hardly seems right.
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Perhaps they would be able to pay back the TARP money (over 5b) and not get taxed?
 
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