Posted on 3/17/2009, 8:32:20 PM by Constitutionalist Conservative
Fox News reports on one popular idea bouncing around Congress as the torch-and-pitchfork mob tries to figure out a way to punish AIG for honoring its executive compensation contracts:
Senate and House lawmakers on Monday night returned to the idea of imposing heavy taxes to recover the bonus money.Emotions are running at a fever pitch, and perhaps that's why our distinguished legislators have overlooked the simple fact that their taxation idea is unconstitutional."You can write a tax provision targeted specifically at 98 percent of the taxable proceeds," Dodd said, adding that it wouldn't violate the terms of the AIG contracts.
Rep. Carolyn Maloney D-N.Y, the chair of the Joint Economic Committee, also called for a 100 percent tax on bonuses not related to commissions. And Rep. Gary Peters, D-Mich., introduced a bill to recover practically all of the money through hefty taxes.
"If (AIG CEO Edward) Liddy does nothing, we will act and will take this money back and return it to its rightful owners, the American taxpayers. We will take this money back by taxing virtually all of it," Sen. Chuck Schumer, D-N.Y., said Tuesday. "So let the recipients of these large and unseemly bonuses, be warned. If you don't return it on your own, we will do it for you."
But while Dodd on Tuesday said lawmakers would continue to pursue this avenue, he added: "I don't know whether or not as a practical matter it will produce the kind of results we're looking for. We're all searching for a way to get this money back and one way or another we're going to figure out how to do it."
Nevertheless, Senate Majority Leader Harry Reid vowed to recover a sizeable chunk of the money.
"Remember, we, as a Congress, are not defenseless. We can also do things," the Nevada Democrat said Tuesday, announcing he has tasked Senate Finance Committee Chairman Max Baucus, D-Mont., with crafting a proposal to recover the bonuses.
Reid said Baucus "is going to make a proposal that I think will certainly send a message to you people at AIG and all others who try to benefit from the hardships the American people face ... AIG recipients of these bonuses will not be able to keep all their money, and that's an understatement."
If (AIG CEO Edward) Liddy does nothing, we will act and will take this money back and return it to its rightful owners, the American taxpayers.What a joker he is!
The Constitution? We’re talking about the Constitution. The Constitution? That crap is 200 years old. Who follows that mumbo jumbo any more?
uh duh!
It breaks my heart. The American Dream is now dead for me. We are now proving that there is a limit to the reward that life long effort can return in this country.
I have scratched off my goal to be named the CEO of a company some day. I am now regulated to middle class for life. Why try?
In the old days, the Democrats took care of messy problems by lynching them — White and black alike. Good to see the old spark is still alive in people like Schumer.
Remember back when Biden said “This President will be tested”? We just all thought the threat would come from somewhere other than his own party and Cabinet.
Retroactive taxation was done by clinton in ‘93.
I recommend everyone go buy a copy of Ann Ryan’s “Atlas Shrugged”.
It is more relavent today than when she wrote it in the 1950’s. She is spinning in her grave.
It was an empty threat... smoke, that’s all.
Besides, we need to keep in mind that all of this is just a TV show, it’s not reality.
I remember that. It was unconstitutional then as well, IMO.
Too true, but I don't have the time to list every unconstitutional act of Congress. :-)
I think ALL CONGRESSMAN SHOULD RETURN A YEAR WORTH OF SALARY...
Didn’t Geithner know that when HE wrote the bill...lmao oh the OUTRAGED bama will be furious!
http://conservativexpress.blogspot.com/2009/03/obama-hypocrisy-20-president-blasts-aig.html
Exactly, I guess if by some hook or crook, they get this money back. and give it back to the tax payers, all the tax payers then will be getting a check for about $1.25.. I can use that...
Dodd is a moron - a employer specific tax. Yea that is the ticket.
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