Set aside the anger about the AIG bonuses for a second...
Does anyone get scared when Senators start talking about punitive taxes of 90% or more? So, if that precedent is sent, what is next?
For the record, I do believe that the bonuses need to be investigated. And, if laws were broken, those who broke the laws need to be punished (which to me seems to be more likely those who PAID the bonuses rather than those who GOT them). And, if the bonuses are paid due to short sighted public policy, those who were responsible for that need to own up as well.
But, my first reaction to this is deep concern over punitive taxation, especially if it comes from ex post facto legislation (anyone read Article I, section 9 of the U.S. Constitution?).
Consider this scenario...
...Let's say General Motors comes back and says that unless the UAW accepts a 30% pay-cut across the board, GM will have to close. The UAW says no way. Congress, seeing it's bailout failing at a huge loss the the taxpayers, issues an ultimatum to the UAW, accept the cut or we will double the income tax rates on all UAW employees...
Scary?
Ronald Reagan
40th president of US (1911 - 2004)
About Me
Patrick Lorch
I am a conservative. I generally vote for Republicans, and have been active in local politics with my former BPOU. I have volunteered with several campaigns, most extensively for Congresswoman Michele Bachmann.dinnertableblog (at) gmail dot com
For more information, please see my About Me page
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Why is it that this administration is seemingly getting by with 'bending the rules' so much only a couple of months into term and there is no outcry among the American public?
A few examples...
- The American Recovery and Reinvestment Act of 2009 - - an 1100+ page document passed practically overnight, without allowing the public or the congressman voting on it no time to review it
- Plans to change healthcare and taxes in a way that promotes socialism in disguise -- are people blinded or just so accepting of anything Obama would suggest?
And while this doesn't include bending any rules - rather changing them - his reversal of anything the Bush Administration was able to accomplish for abortion, marriage, and other important issues....happened almost immediately without hardly any coverage.
Seems we have much to be pessimistic about....but as I see it...we have our work cut out for us and we better get moving!!
So, what do you say...how about Lorch-Lewis 2012?? (That's Jason Lewis of course...) :-)
I find it curious that there is so much outrage over the bonuses which only represent one one thousandth of a percent of the total bailout AIG got. The outrage should be at the bailout! People have no concept of numbers anymore. I see it everyday.
Since nobody read these bailout/stimulus bills, I expect a lot more interesting bull#%#@ to come out.
If investment in all these companies was a good idea, private investors would have jumped at the chance to get in on the deal. Our government is a bad investor. It's not their job. It's not in the Constitution. Stop it.
And yes Pat, I am scared about a precedent of the proposed tax. I suspect it simply is a marketing ploy so some can look good to their constituents. I doubt it will pass, but it could.
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