The U.S. House of Representatives handily passed legislation to slap a 90% tax on bonuses at American International Group Inc. (AIG) and other financial institutions that received federal bailout funds.

It passed on a 328-93 vote, with a substantial assist from Republicans, even though roughly half of the GOP's House members opposed it.

The bill would tax bonuses paid by firms that received more than $5 billion from the Troubled Asset Relief Program, or TARP, as well as bonuses paid by Fannie Mae (FNM) and Freddie Mac (FRE).

President Barack Obama welcomed the vote, and said he looks forward to signing legislation once the House and Senate have agreed on a final bill.

"Today's vote rightly reflects the outrage that so many feel over the lavish bonuses that AIG provided its employees at the expense of the taxpayers who have kept this failed company afloat...I look forward to receiving a final product that will serve as a strong signal to the executives who run these firms that such compensation will not be tolerated," Obama said in a statement.

Although broader in its effect, the bill is a response to the furor over $165 million in bonuses recently paid by AIG. The insurance giant has been in the crosshairs of lawmakers following reports over the weekend that the company had paid retention bonuses to many of the executives who worked in the financial products division - the source of the AIG's woes.

"These people are getting away with murder," Ways and Means Chairman Charles Rangel, D-N.Y., said during debate on the House floor. "They're getting paid for the destruction they've caused to our communities."

Under the plan, the first $250,000 of compensation, including any bonuses earned by executives at the firms, would be taxed at normal federal income tax rates. Any bonus over that amount would be taxed at a much higher rate of 90%.

The Senate on Thursday rolled out its own approach to taxing bonuses at institutions that received bailout funds. The bill would impose a 70% excise tax, split evenly between the company paying the bonus and the employee receiving it. That amount would be on top of income taxes due on the bonuses, potentially pushing the total tax rate above 100%.

The bill would also affect more firms than the House legislation, capturing bonuses at large banks that received more than $100 million in federal government aid.

The Senate could vote on the bill as early as next week.

The Treasury Department has said it is pursuing all avenues for recouping the AIG bonuses. It said that it would seek to deduct the $165 million from its most recent $30 billion infusion to the company.

However, AIG Chief Executive Edward Liddy told a House panel Wednesday the company doesn't want to necessarily tap the most recent cash infusion. It needs the cash for capital adequacy purposes rather than for operating reasons, Liddy said.

Earlier Thursday, the House rejected a Republican alternative that would have directed the Treasury Secretary to develop a plan to recover the AIG bonuses. The GOP would have blocked additional federal aid to AIG until 100% of the $165 million in bonuses was paid back.

In House floor debate, Republicans said Congress shouldn't rush to judgment by passing the tax on bonuses.

"I believe this is a gimmick. I don't think this is going to become law," said Rep. Devin Nunes, R-Calif. "What we should do today is calm down, stop this process...and go through this bill to consider whether this is the right course of action."

Republicans also said the legislation may be unconstitutional. According to talking points distributed by House GOP conservatives, the House bill might be a constitutionally prohibited "bill of attainder," or legislation to punish a specific individual or group of individuals.

Democrats say the bill is not specifically aimed at AIG but is intended to prevent further abuses by companies receiving federal aid.

-By Martin Vaughan and Corey Boles, Dow Jones Newswires; 202-862-9244; martin.vaughan@dowjones