Bill to introduce 90% tax on executive bonuses moves to US Senate

Punitive tax measures which would strip AIG executives and other Wall Street high earners of 90% of their bonuses will be considered by the US Senate next week.

Under the plan - agreed by a majority of 328 to 93 in the US House of Representatives - employees of bailed-out firms who receive incomes in excess of US$250,000 (€182,932) would be forced to hand back nine-tenths of any additional financial "rewards".