Thanks to pinko Pelosi, a 90% bonus tax is on its way to law. Forget about the Constitution and laws, or what this very nation was founded on, lets just tax the crap out of everyone. While Congress thinks they are doing their best to Punish AIG, look who will be next. Wal-Mart Employees: That $667 per employ translates to $600.30 in tax, or a wage increase of $66.70 or $5.55 per month. Way to go Congress! Way to Go Pelosi. Way to go Dumbama. Morons.
The law unless it was modified only applies to companies who accept government bailout money. And while I never thought I would live to see the day when I supported a tax increase, I most certainly support this one. Should have been 95-99% rate, not just 90.
For God's sake. This 90% tax only applies to companies that have been bailed out by the Government. And it only applies to people who earn more than $250K a year. I can assure you that Wal-Mart employee bonuses are not effected at all by this. Furthermore, it's highly unlikely that this 90% tax will ever become law. Seriously... just... seriously. Wow. Just.. I can't think of anything nice to say right now
Same here. Sadly this type of talk hurts the reputation of other conservatives and advocates of small government/free markets.
Guys, I consider myself all of the above and I will vote Democrat in the next election in this state if either of my two Republican Senators vote this bill down. Enough abuse is enough. Hey Mitch and Jim do you read these pages?
That's a bit rash, don't you think? This isn't only about the bonuses, no one is happy about that, but there is also a conflict of issue with the Constitution, which is arguably a lot bigger of an issue than the cost of the bonuses.
As much as I despise the Pelosi and the whole Obama regime. I have to agree with Zibblu also. Colbyt your are right about the particular tax on AIG but the entire situation of AIG bonus money really is very small in the over all picture. It is just a tactic by the administration to distract you from the big picture. All the damm money they are spending of mine, my kids and their kids.
I would imagine that the entire bail-out scheme is in conflict with the intentions of the the framers of the constitution though it might fall under promoting the general welfare section. Welfare as the term was defined then and not as it is today. Pelosi and the type of politician she represents are at the top of my list of despised politicians. She has however read the feelings of the average American correctly in this instance. She and the pseudo intellectuals she represents are a greater threat to this country than 8 years of Obama. While I did not vote for President Obama, I am reserving judgment on his administration until such time as it is fair to judge him. My best guess is this is a replay of 1976 and his policies will prove about as effective as Jimmy Carter. The sad thing is that I don’t see a Regan on the horizon. So, IMO, any politician that wants to be reelected in the next 5 years should support this bill or a more stringent version of it.
I rather lose the $200 million or more and not use the law as punitive measures to cover up for negligence. Laws should be above politics. If laws can be change one day to punish a tiny group, another day to cover up for some mistakes. There won't even need to be any laws. Of course I detest those fat cats fattening themselves up on tax payers money, but changing the laws just to punish them is slaughtering the sacred cow. If laws can be overwritten, what about constitution? They are setting a very dangerous precedence.
Who cares about the Constitution? I think government is maneuvering the one obstacle that has prevented more government. Yea that's right I'm a crazy conspiracy theorist, even though our government is proving just about all conspiracy theorists right lately. Put your head back in the sand and ass back in the couch America, government is only trying to help.
*finishes stocking secret underground bunker with lots of rations and ammo* They're just trying to cover up for their screw up with giving them the money in the first place. I think the whole crew from obama to pelosi are a waste of space and oxygen. *seals door* Call me in 4 years.
AIG paying out bonuses for failure using taxpayer money is to say the least outrageous. But the matter shows that Congress has no respect for the Constitution. A the 90% tax is a Bill or Attainder and not constitutional. Congress shouuld be investigating to start with Dodd and Geithner on the AIG bailout. Both have made inconsistent statements concerning what they knew and when. You do the math and you see where the fingers should be pointing. 1) Christopher Dodd, chairman of the senate banking committee and Barry Obama recived more campaign constributions from both AIG and Freddie/Fannie than anyone else. 2) Countrywide the biggest player subprime loan industry has given Christopher Dodd a couple of sweetheart loans. Christopher Dodd claims that he has gotten no special favors. 3) Christopher Dodd owns a partnership a 10 acre Irish Cottage Irish cottage with somebody that was pardoned by Clinton on Dodd's request.
And how the hell is that fair? Just because someone earns that amount, they should be taxed more?? My oh my, poorer people sure are bitter.
The progressive tax can never be fair. The income tax rate should be same for everyone. Margaret Thatcher said, "The problem with socialism is that eventually you run out of other people's money [to spend]."
Great quotation and I'll take the income tax thing further and say there should be no income tax at all.
The progressive income tax is outright theft. The 90% tax on bonuses is a great example of how the income tax can get out of control. There's nothing on the face that wouldn't allow the government to tax income at the 100% rate.
Soon we will all be working for the government, making what the government decides we should make, letting the government decide our whole lives. This is going into a downwards spiral that I hope we can pull out of in time. Sooner or later, states are going to start seceding and with that, people deserting the US Military. Because most of the military comes from the more conservative smaller government believers. Gonna be hard to fight those states when you have like 20% of your military. The liberal I want the government to do everything for me crowd won't serve, because it requires sacrifice for the good of the nation. Something that is lost on them. We keep this trend up, sooner or later, there is goign to be an open revolt in the US. First thing to go is the 2nd Ammendmant, that happens, all bets are off. People will not surrendor their firearms just because the government wants them too. Most people will fight back. They will take out the ATF one agent at a time. Heck, the ATF should be a convenience store, not a government agency.
How did AIG employees "earn" these bonuses? Is it the same way a welfare mother "earns" her WIC and food stamps? The company should not exist and yet they somehow have the nerve to talk about getting a bonus. Has the country lost its mind... AGAIN? (Patriot Act, Natalee Holloway/Katrina, $700B Bailout) Yes. And, let me add the Federal Reserve. The government does unconstitutional stuff all the time. Look at Bush. There is no way I see this happening.
Go back and read my post. WHERE did I mention AIG? I was talking about those who EARN $250k and whom will be affected by progressive taxation.