Senate Insanity: Bonus Tax Over 100%!

The Democrat-led Senate is officially insane. Their own version of the bonus tax would not only be expanded to all TARP recipients of over $100 million (vs. the House version of $5 billion), but it would levy an excise tax of 70%, which when combined with regular federal and state taxes, would push the taxable rate over 100%. Time for banks to throw the capital back to the Feds and go into hibernation mode.