Sen. Sherrod Brown (D., Ohio) announced a bill that would tax executive bonuses at companies receiving TARP funds.

Brown’s bill would impose a 50 percent tax on all bonuses – both cash and stock pay-outs – in excess of $25,000 given to executives at firms that received taxpayer-funded assistance through the Emergency Economic Stabilization Act of 2008. The revenues would be used to fund direct loans for small businesses administered by the Small Business Administration (SBA).