House passes 90% tax on bonuses

[Motown_Johnny]

reactionary legislation to say the least.


I can't decide, is this a good thing or does it make us look like we had no idea what we were doing when we passed the first bill?


This looks like a Lose - Lose situation to me

[robinlynne]

1. I think it's perfect. "We" didn't do the first round. (negotiating the bonuses) Bush did.

[derby378]

2. I blame the Bush administration for starting this whole process

They called for all those billions of dollars, and our Congress was simply asleep at the switch. Now we're reaping the rewards for their lack of vigilance.

[fumsm]

3. Applause, applause

Shovel ready project. Keep going. This is really going to piss of the rich. Ha ha. They should have kept their mouths shut. Lots of campaign ammo here.....

[Ocracoker16]

4. Great news!

[MADem]

5. Well, considering no one in Obama's government knew about the bonuses

until recently, I don't see how you can say that. The bonuses weren't part of the original legislation. No one thought that any outfit would be so blatantly....well, corrupt. That kind of shameless behavior takes stones the size of Gibraltar.

This is a delightfully targeted and very responsive "FUCK YOU" to the "FUCK YOU" that AIG tried to give the taxpayers.

Right on, House. I only wish the legislation had taxed the bonuses at 99 percent.

[Zywiec]

6. I bet the people who live in England are having a good laugh

now thinking about how their bonuses will not really be taxed.

:hi:

[Horse with no Name]

7. As much as I hate the bonuses

This smacks smartly of a Bill of Attainder...and the last I looked, that was illegal.

[TahitiNut]

14. I agree. Furthermore, I reject the notion that taxes should be treated as a penalty.

Every time some yahoo climbs up on the stump to "make 'em pay" (tobacco, bonuses, etc) then the right wing gets to claim that it's wrong to "punish" the wealthy for being successful. It's a self-defeating approach.

[Hello_Kitty]

21. Interesting point. I hadn't thought of that.

At first I was for taxing the bonuses but I'm getting increasingly uncomfortable with the slippery slope. I think if the public pressure were kept on AIG they would give them up.

[robinlynne]

23. or they can choose to return the bonuses.....

[kentuck]

8. Why should we care more about the bonuses?

than the $155 billion bailout? Seems like a very effective diversion to me?

[BuyingThyme]

9. House passes 1000% bonus hike.

[donheld]

27. Now isn't that completely stupid

So companies are going to pay that 90% tax just so CEO's can get the 10%?

[BuyingThyme]

30. It's the same exact thing.

Read it again and see if you are smart enough to understand it the second or third time around.

[tritsofme]

10. Is this an unconstitutional Bill of Attainder?

Anyone with some knowledge on the subject care I weigh in?

[Horse with no Name]

13. It's really very simple

Article I, section 9, clause 3 of the United States Constitution: No Bill of Attainder or ex post facto Law shall be passed.

[cherokeeprogressive]

11. Faux is now reporting that some changed their votes and the bill was defeated. n/t

[BuyingThyme]

15. Uh oh.

[cherokeeprogressive]

18. Faux retracts LOL. CNN still running with the story. n/t

[BuyingThyme]

20. I just heard it passed on the radio.

Foxful thinking.

[Vidar]

12. Glad to hear it.

[Nicholas D Wolfwood]

16. I'm not sure if I'm more surprised that 93 voted against it or that so many Rs voted for it.

I guess the country owes AIG something for bringing us all together for at least something. :shrug:

[malaise]

28. Boehner sure took a hit here

Damn! That party is dead.

[DeepBlueC]

17. we can just wait to see if Liddy's fears are borne out

On his risk assessment and rationale for paying on the contract I found Liddy pretty convincing. But he really underestimated the Congressional need for political cover. For that I think Geithner is responsible. It is right in line with the few comments he has issued publicly.

[moundsview]

19. Nice, a retroactive targeted tax increase

I wonder if they can't do something about those inheritance tax loop holes too. Sure would be nice to go back and get some of that Sam Walton money that he passed down.

[Still Sensible]

22. It doesn't seem like the right way to go about it

seems to me it is probably of questionable legality and more a publicity stunt than anything else. I agree it is a lose/lose situation. I think they should come up with a different way to get it back. Why not figure out an SEC violation they are guilty of--there has to be something--and penalize them with a fine of some logical amount... like $165 million.

[Egalitariat]

24. Are the GOP smart enough to have baited us into this?

I don't think they're that crafty.

But this will turn out to have been a huge mistake before it's over.

[ElboRuum]

25. Don't care how it looks really...

It is supremely just, and that's what matters to me.

Edited to add...

Those who have said that this smacks of a bill of attainder are probably on to something, and that it will be ruled unconstitutional. We'll see if they want to put up a SCOTUS fight though.

[spanone]

26. well, with 87 republicans voting against the legislation, it makes them look a little hypocritical

[moundsview]

29. Actually the number and breakdown of vote won't matter

I have already read a couple of articles describing it as the Democratically controlled house passed the bill. The framing has already started.

[Initech]

31. What are the conditions of the 90% tax?

[mod mom]

32. Wasn't it originally on amounts over $100,000?

[Sanctified]

33. Who in their right mind would work for AIG now?

If I was working for them I would be looking for a new job ASAP, the bonuses sucked but feel good legislation is going to make that company tank since it will drive away any semi-competent people from working or wanting to work for it. I can't believe we the people own 80% of that crap.

[Oregone]

34. I think its shit pandering

Congress wont touch a tax issue unless its going to get them re-elected. They wont consider putting the top marginal rate above 40%, unless America is in a blood frenzy. This doesn't address our nation's tax problems. Its just angry tit for tat and pandering. Yay to crap.