Bonus tax proposals – the government’s solution to recouping some of its taxpayer aid by levying heavy taxes on big company bonuses, seems to be going nowhere, fast. Based on a slew of discussions in Congressional committees and the legal ramifications associated with this kind of tax, the government may need to look elsewhere for solutions.

According to an article on CNNMoney.com, two separate proposals from Rep. Peter Welch and Rep. Dennis Kucinich, two Democratic members of the House Oversight Committee would tax bank bonuses at a rate of 50 percent or more. Last week, two senators, Barbara Boxer and Jim Webb, jointly proposed the “Taxpayer Fairness Act.”  This legislation would enact a one-time, 50 percent tax on employee bonuses above $400,000 at firms that accepted $5 billion or more in bailout money.

Recently, Goldman Sachs and JPMorgan Chase each awarded their CEOs bonuses in restricted stock and options – instead of cash – as a way to tie employee pay to company performance and play down the public’s concern over outsized compensation packages.