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Bank awards $64 million in shares a month early, ahead of new taxes
NEW YORK, Jan. 2 () -- Goldman Sachs Group said it handed out shares to executives in December, dodging a tax hike in the process, The Wall Street Journal reported.The Journal reported Wednesday that Goldman Sachs distributed 508,104 shares worth $64.8 million a month ahead of its normal compensation schedule. The shares were part of compensation for 2011, not for 2012, the bank said in a filing with the Securities and Exchange Commission.Congress approved a tax bill Tuesday that will raise federal income tax for individual income over $400,000 and couples' income over $450,[url=http://www.trueireligion.com]True Religion Jeans Outlet[/url],000.Goldman's SEC filing said 48 percent of the shares handed out were withheld for tax payments.The filing listed 10 top executives who received the shares, but a bank spokesman said, "The December delivery of shares went to a wider group of employees than the named executive officers."The bank's Chairman and Chief Executive Officer Lloyd Blankfein posted a message on Twitter Wednesday saying the new tax agreement in Washington, "is a step forward to injecting growth and investor confidence in the U.S. Economy.Blankfein was awarded 66,065 shares in the early pay package with 33,[url=http://www.trueireligion.com]True Religion Outlet Store[/url],245 shares withheld for tax purposes, the Journal said.