(Host) Congressman Peter Welch wants to charge a 50 percent tax on Wall Street bonuses to put more money in the hands of small business owners.
The tax would be levied on employees of banks that received federal bailout money. Welch says the banks only survived because of taxpayer help.
Welch says the goal behind the bill is simple:
(Welch) "To challenge this bonus culture on Wall Street where the taxpayers of this country are put at risk so that the bankers can have these outside bonuses that have gotten us into such a mess."
(Host) The legislation is supported by a number of House Democrats. Another bill introduced this week would tax bonuses up to 75 percent.