The employee bonus policy that allowed $165 million in bailout funds to be doled out to AIG executives posed a legal quandry for the Obama Administration. The AIG employee bonus policies were indeed legall binding agreements and thus could not be taken away from the corporate executives.

In answer to the demands of government and taxpayer alike who were outraged at this prosectof employee bonus policy that could not be stopped, the Democratic-led House proposed and recently passed a vote to implement high taxes on those who benefited from the AIG employee bonus policy.

The Associated Press explains that 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.”

It would appear under this taxation that the remainder of funds from the employee bonus policy will then be taken by local and state governments, thereby nullifying all of the bonus pay.

To read over what is pertained in a typical employee bonus policy and see why and how it is a legally binding contract, visit a legal document resource, like the RealDealDocs.com webiste, where actual execution copies of top corporations are available.

RealDealDocs.com is a division of Practice Technologies, Inc. the creators of SmartRules.com.
SmartRules provides step by step guides to local rules and civil procedure for state courts & federal courts throughout the country.

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Let’s keep it real…no one likes dishing out tons of money to the IRS. That is why, although it’s illegal, I can still understand why someone would try and avoid paying the big G! However, stashing money in Swiss bank accounts may not be the way. In fact, there really isn’t a way to avoid taxes. Sooner or later, it catches up to you.

On Wednesday, the Justice Department unsealed a Florida indictment of Raoul Weil, the chief executive officer of the Swiss bank’s cross-border United States banking division. Allegedly, between 2002 and 2007 Weil oversaw private banking operations for 20,000 U.S. clients and had bank managers help clients conceal nearly $20 billion from the IRS.

“Mr. Weil denies any suggestion that he was aware of, engaged in or tolerated any illegal conduct in the operation of UBS’s U.S.-cross-border business. That business represented only a tiny percentage of the global wealth management business for which Mr. Weil is responsible,” he said.

“Mr. Weil is a highly respected banking executive in Switzerland with an unblemished record for integrity. We fully intend to fight this indictment and look forward to vindicating Mr. Weil’s good name,” he said.

Maybe he did, maybe he didn’t. Regardless, the IRS are after him and that is no joking matter. Ah, to dream of a day where taxes no longer existed. It would be heaven on earth!

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