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House passes bill taxing AIG and other bonuses (HR 1586: Tax 90% over $250,000)
Breitbart - Associated Press ^ | March 18, 2009 | STEPHEN OHLEMACHER

Posted on 03/19/2009 12:10:57 PM PDT by ConservativeMind

Acting with lightning speed, the Democratic-led House has approved a bill to slap punishing taxes on big employee bonuses from firms bailed out by taxpayers.

The vote was 328-93.

(Excerpt) Read more at breitbart.com ...


TOPICS: Business/Economy; Crime/Corruption; Front Page News; News/Current Events
KEYWORDS: 111th; aig; congress; democratcongress; democrats; dodd; economy
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This is very wrong. They are targeting specific individuals, after the fact, for something lawfully given.

This is extremely dangerous ground, and a large number of Republicans voted for it.

1 posted on 03/19/2009 12:10:57 PM PDT by ConservativeMind
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To: ConservativeMind

No surprise there. A large number of Republicans are RINOS.


2 posted on 03/19/2009 12:12:07 PM PDT by deannadurbin
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To: ConservativeMind

Too bad, there’s such a groundswell of anger against these bonuses, to vote against would be very damaging. I’m sure the pressure is on.


3 posted on 03/19/2009 12:12:39 PM PDT by domenad (In all things, in all ways, at all times, let honor guide me.)
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To: ConservativeMind

This is horrifying! The game continues with these clowns. Everyone MUST remember to attend a “Tea Party” nearest you on April 15!!!


4 posted on 03/19/2009 12:12:49 PM PDT by albie
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To: ConservativeMind

This bailout BS is just getting deeper and deeper.


5 posted on 03/19/2009 12:12:53 PM PDT by swain_forkbeard (Rationality may not be sufficient, but it is necessary.)
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To: ConservativeMind

Bad facts make bad law.

Sure, we don’t love the bonuses, but this law is chilling.


6 posted on 03/19/2009 12:12:59 PM PDT by keats5
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To: ConservativeMind
They came after the jews and I did nothing. They came after the Blacks and I did nothing. They came after and there was no one left to protect me.

Most people owned their mistakes. YOU OWN this Democrats and Specter.

7 posted on 03/19/2009 12:13:37 PM PDT by scooby321
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To: ConservativeMind

Before anyone cheers this, just consider WHO IS NEXT.

God help them, they know not what they do.


8 posted on 03/19/2009 12:13:53 PM PDT by Badeye (There are no 'great moments' in Moderate Political History. Only losses.)
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To: ConservativeMind

How long before that 90% tax gets applied to ANY bonus the Obama-bots deem to “large”?


9 posted on 03/19/2009 12:14:01 PM PDT by Callahan
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To: ConservativeMind

I’ve posted this elsewhere but if the shoe fits...

And I quote...

“That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.”

Furthermore...

“But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.”

Thoughts?


10 posted on 03/19/2009 12:14:11 PM PDT by RedCell (Honor thy Father (9/6/07) - Semper Fi)
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To: ConservativeMind

A bill of attainder (also known as an act or writ of attainder) is an act of legislature declaring a person or group of persons guilty of some crime and punishing them without benefit of a trial. Bills of attainder are forbidden by Article I, section 9, clause 3 of the United States Constitution.


11 posted on 03/19/2009 12:14:20 PM PDT by pabianice
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To: ConservativeMind

This is unConstitutional. Actually, it’s slapping the Founding Fathers upside the head. There is nothing American with what they are doing. Congress caused this mess, and instead of being held accountable, they usurp the Constitution to cover their butts.


12 posted on 03/19/2009 12:15:05 PM PDT by Jaidyn
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To: Badeye
God help them, they know not what they do.

What?!? They know EXACTLY what they do!

13 posted on 03/19/2009 12:15:15 PM PDT by dead (I've got my eye out for Mullah Omar.)
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To: ConservativeMind

Just Socialistic bread and circuses with this being the circus.
No way will this hold up in the courts but it gives the socialists/democrats some cover with the more gullible public for awhile.
The government gave the money away without knowing what would be done with it or being able to set limits on use. That is THEIR fault not AIG’s


14 posted on 03/19/2009 12:15:23 PM PDT by SECURE AMERICA (Coming to You From the Front Lines of Occupied America)
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To: pabianice

Problem is...these people did not commit a crime.


15 posted on 03/19/2009 12:15:29 PM PDT by EBH (The world is a balance between good & evil, your next choice will tip the scale.)
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To: domenad

The problem is this:

People are angry about the bonuses, especially when they are given to people in the same division of the company that was responsible for the problems. I personally think it’s not a great idea for these people to be getting bonuses.

I get the distinct impression many people are confusing “I don’t think these guys should be getting bonuses” with “I think our Marxist representatives should pass an illegal ex post facto law to punish private citizens with confiscatory taxes.” Elmer Fudgepacker even was blathering about wanting names and threatening to subpoena. Great, let’s put these people in personal danger. These people are a grave danger to the country. Is nobody standing up for this? There had to be like 100 Republicans who voted for this.


16 posted on 03/19/2009 12:16:11 PM PDT by flintsilver7 (Honest reporting hasn't caught on in the United States.)
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To: Callahan
"How long before that 90% tax gets applied to ANY bonus the Obama-bots deem to “large”?

...or, before the tax gets applied to any industry that the majority doesn't agree with?

17 posted on 03/19/2009 12:16:12 PM PDT by Big_Monkey
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To: ConservativeMind

Our government has overstepped its bounds BIG TIME here.

It’s not the beginning of the end. That happened on November 4th, 2008. This just greases the chute.

Blood in the street by year’s end. Mark my words.


18 posted on 03/19/2009 12:16:25 PM PDT by TruthHound (A Republican who acts conservative will whip the snot out of Democrat who acts liberal EVERY TIME!)
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To: ConservativeMind

Instead of this law they should pass one that prohibits Companies that receive TARP or other bailout money from giving political campaign contributions. Tax payer money should not be laundered through insolvent companies and then given to politicians.


19 posted on 03/19/2009 12:16:29 PM PDT by Fellow Traveler
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To: Callahan

Or just ANY bonus?


20 posted on 03/19/2009 12:16:53 PM PDT by FrogMom (No such thing as an honest democrat!)
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To: Jaidyn

The more Democrats lash out, the more they are obviously guilty of the crime they are pretending to fight against.


21 posted on 03/19/2009 12:17:00 PM PDT by flintsilver7 (Honest reporting hasn't caught on in the United States.)
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To: Callahan

According to Sherman today in the debate...next week.

Bonuses, commissions, even employee of the week rewards...

Really, he said they needed to come back and revisit all these types of compensation next week. Because people would find some other way around congress to reward people.


22 posted on 03/19/2009 12:17:44 PM PDT by EBH (The world is a balance between good & evil, your next choice will tip the scale.)
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To: Badeye

Before anyone cheers this, just consider WHO IS NEXT.
God help them, they know not what they do.

Two points.
1. It is not God that has a hand in this.
2. They (government) know exactly what they are doing and that is the scariest part....


23 posted on 03/19/2009 12:18:06 PM PDT by SECURE AMERICA (Coming to You From the Front Lines of Occupied America)
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To: pabianice
is an act of legislature declaring a person or group of persons guilty of some crime and punishing them without benefit of a trial

There is no crime alleged.

24 posted on 03/19/2009 12:18:11 PM PDT by Glenn (Free Venezuela!)
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To: FrogMom

They atart big then go after any bonus, for any slave in their path/view


25 posted on 03/19/2009 12:18:15 PM PDT by Nailbiter
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To: ConservativeMind

Now we have punishment taxes.


26 posted on 03/19/2009 12:18:35 PM PDT by devistate one four (Impatiently waiting for the next tea party! Tet '68)
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To: deannadurbin
This is an example of Republicans being thermometers instead of being thermostats. The GOP needs to inform the American people that the problem is not bonuses to bailout companies, it is the fact that we bailed them our in the first place. THE PEOPLE'S problem is not the bonuses, it is socialism.

Furthermore republicans should be against this legislation because it is attempting to make future bailouts palatable to the people. Republicans should be drafting legislation making it illegal for the government to lend money directly to any company.

27 posted on 03/19/2009 12:18:41 PM PDT by 11th Commandment (United States is a NOW a Terrorist Nation- we export abortion!)
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To: deannadurbin

The RINOS are probably reacting to those cry babies who call radio and tv talk shows and whine about “the rich” and how they are “hurting the little guy”. These whiners are the front lines in the class war.


28 posted on 03/19/2009 12:18:58 PM PDT by LottieDah (If only those who speak so eloquently on the rights of animals would do so on behalf the unborn)
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To: Callahan
How long before that 90% tax gets applied to ANY bonus the Obama-bots deem to “large”?

That is a fear of mine, for personal reasons. My husband's company allows certain individuals in the company to get "bonus" checks four times a year.

In order to be part of that program, my hubby agreed to have his base salary reduced. Then he gets the bonus checks which are directly tied to the company profits. (Our last check was a little lower than past ones, due to the economy.) We have not seen a raise in his base pay since he signed up for that program, which has been years.

I am beginning to fear that the politicians (and then the public after the media gets them worked up) will begin equating all bonus programs with something evil --- and then hubby and I are screwed.

Some of these things the politicians have been saying about these people who got the bonuses have been simply outrageous. Then, the stuff that was being sent to AIG by the general public was frightening.

Something ugly is brewing out in the land, and the politicians would be wise to begin toning down their rhetoric, and fast.

29 posted on 03/19/2009 12:20:27 PM PDT by LibertarianLiz
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To: pabianice
Constitution?...liberals don't need no Constitution! All they need is to scare the sheople, rile the sheople up with rhetoric and act when the sheople bleat.

Frightening.

Saul Alinsky will be proud.


30 posted on 03/19/2009 12:20:46 PM PDT by socialismisinsidious ( The socialist income tax system turns US citizens into beggars or quitters!)
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To: ConservativeMind

This is wrong. It is meant to demonize the so-called “rich”. GDP will suffer as productivity will decrease as incentives for higher pay make it almost not worth working harder as pay will be taxed disproportionately. The executives at AIG and other companies (I hope that it also applies to Fannie and Freddie but somehow expect they are not included here with loopholes written into the bill) were paid to stick with the company in “retention” payments not incentive bonuses.

Guess what is going to happen now that this bill has passed? Those folks who have fought hard to keep AIG running somewhat smoothly in difficult times will pick up and go, quickly, leaving AIG in peril even more.


31 posted on 03/19/2009 12:21:13 PM PDT by kevinm13 (Tim Geithner is a tax cheat. Manmade "Global Warming" is a HOAX!)
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To: 11th Commandment

Republicans were stating they had legislation drafted to take back 100% of the bonus money. Be careful here on what you expect them to do.


32 posted on 03/19/2009 12:21:25 PM PDT by EBH (The world is a balance between good & evil, your next choice will tip the scale.)
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To: Big_Monkey
Will they be taxing the $2 billion that WalMart just distributed to their employees? After all, they are not union and WalMart has such terrible working conditions.

I fear the camel's nose is under the tent. We will now have bureaucrats or congressmen determining how much we can earn based on their idea of how much we "need".

33 posted on 03/19/2009 12:21:52 PM PDT by anoldafvet
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To: ConservativeMind

It’s very unsettling that the Constitution means nothing to 328/465 members of Congress.

A legislator that would use the law as a method of tyranny is a legislator that needs to be removed from office.

I’m sad to say that I now know how my founding fathers felt when they gathered to discuss what must be done to end the abuse of an all-powerful and deaf government.

The level of rising alarm in the back of my head keeps saying the same thing: When does talk lead to action and just how bold must that action be?


34 posted on 03/19/2009 12:22:21 PM PDT by ziravan (Tell Washington NO.)
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To: flintsilver7
especially when they are given to people in the same division of the company that was responsible for the problems

Are you certain this is true? I believe I heard, either last night or this a.m., that the people getting the bonuses were not the people who caused the meltdown at AIG. Those people are gone.

35 posted on 03/19/2009 12:22:30 PM PDT by LibertarianLiz
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To: ConservativeMind
Given that the very first thing these asshats did when they became U.S. Representatives was to swear to "protect and defend the Constitution of the United States"

... and given that Article I Setion 9 Clause 3 states:

No bill of attainder or ex post facto Law shall be passed.

every one of them that voted "aye" should be impeached.

36 posted on 03/19/2009 12:23:26 PM PDT by tx_eggman (Clinton was our first black President ... Obama is our first French President.)
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To: LibertarianLiz
I'm in your camp. I'd think a lot of small business owners are...my husband takes a low salary so he can be sure to cover costs of his employees, supplies etc...and a bonus comes twice a year if there is a profit.

The socialist are on the march!
37 posted on 03/19/2009 12:24:14 PM PDT by socialismisinsidious ( The socialist income tax system turns US citizens into beggars or quitters!)
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To: kevinm13
B. Frank called those retention bonuses...extortion payments today.
38 posted on 03/19/2009 12:24:23 PM PDT by EBH (The world is a balance between good & evil, your next choice will tip the scale.)
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To: Big_Monkey

I predict that, ironically, the largely useless entertainment industry will be the only type of wealthy folk protected from the DUmmies socialist revolution. Oh yeah—that and rich Dems who don’t pay their taxes anyway.


39 posted on 03/19/2009 12:24:39 PM PDT by Callahan
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To: flintsilver7
"People are angry about the bonuses, especially when they are given to people in the same division of the company that was responsible for the problems.

I agree with your statement about why people are mad, but people are mistaken to call these payments "bonuses".

AIG went to these specialist/executives/employees to get them to stay and try and reduce AIG's $2.6 TRILLION exposure on these derivative's insurance contracts. The employee did that. They reduced the exposure by $1.1 TRILLION dollars. AIG (with the approval of the NY Federal Reserve Bank, under the leadership of Tim Geitner) promised these employees X amount of dollars if they stayed and did what they were asked. These are legitimate payments on legitimate contracts. Period.

This law is IMHO unquestionably unconstitutional. We'll see if anyone sues - I'm guessing not because who wants to out themselves as a recipient of these bonuses and face the public backlash. Sadly, that very well may cement this precedent and allow the DEMS to target other companies or industries they disagree with - Can you hear me OIL EXECUTIVE, PHARMACEUTICAL EXECUTIVES, INSURANCE EXECUTIVES, GUN MANUFACTURES ETC. ETC. ETC???

40 posted on 03/19/2009 12:24:50 PM PDT by Big_Monkey
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To: flintsilver7
The more Democrats lash out, the more they are obviously guilty of the crime they are pretending to fight against.

They are covering the other blunders as well, like the billions given overseas. They are mum on that, hoping we don't notice. This is setting a precedent to go in and break private contracts, no matter if it's a corporation or an individual, like you and me.

41 posted on 03/19/2009 12:24:51 PM PDT by Jaidyn
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To: Fellow Traveler
Tax payer money should not be laundered through insolvent companies and then given to politicians.

Why not? The politicians are already using AIG to launder bail-out money (taxpayer provided) which is then funneled to foreign banks. Yes, we are bailing out the world.

I believe the "outrage" the politicians are expressing is due, in no small part, to them wanting to keep the American public from learning that we are sending taxpayer dollars to bail out foreign banks.

42 posted on 03/19/2009 12:25:18 PM PDT by LibertarianLiz
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To: FrogMom

Or just any amount over $250,000 per year?

And that won’t be the end, either.


43 posted on 03/19/2009 12:25:32 PM PDT by keats5
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To: Callahan

“How long before that 90% tax gets applied to ANY bonus the Obama-bots deem to “large”?”

Or salary? Or inheritance? Or gift?


44 posted on 03/19/2009 12:25:40 PM PDT by Buck W. (The President of the United States IS named Schickelgruber...)
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To: ConservativeMind

boy, this has got to be the best reason for hiding your assets


45 posted on 03/19/2009 12:27:15 PM PDT by sfvgto (Dear Congress, my name is Jimmie....gimmie, gimmie, gimmie)
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To: ConservativeMind

Next DC idea by libs?

“Tax Rush Limbaugh for the windfall of lies he tells about our new loved president. How dare he want P Obama to fail? How about a 90% tax of radio talk show hosts that make over a certain $$$ and have over so many stations. He is profiting on Obama’s misfortunes”


46 posted on 03/19/2009 12:27:39 PM PDT by sickoflibs (RINOs : "We stand for nothing but we're not as bad as Pelosi !")
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To: ConservativeMind

This is clearly within the enumerated powers in the Constitution, where? This is only the first of the enemy’s lists. Back in the USSA


47 posted on 03/19/2009 12:27:41 PM PDT by Steamburg ( Your wallet speaks the only language most politicians understand.)
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To: ConservativeMind

Liberals vote in lock step. Conservatives split their votes because we haven’t had areal conservative run in a w3hile. Notice I didn’t use the word “repoblican”. That’s completely different from “conservative”.


48 posted on 03/19/2009 12:28:41 PM PDT by Terry Mross (I Hate All Politicians, Republicans Included.)
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To: dead

I don’t think they do.


49 posted on 03/19/2009 12:28:56 PM PDT by Badeye (There are no 'great moments' in Moderate Political History. Only losses.)
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To: scooby321

They came after the jews and I did nothing. They came after the Blacks and I did nothing. They came after and there was no one left to protect me.

+++ ++++++++ +++++ ++++++ ++++

Nailed it.

This is unconstitutional. I’m not a fan of bail out companies giving bonuses but we MUST MUST MUST defend our consititution.


50 posted on 03/19/2009 12:29:13 PM PDT by Reagan69 (No Representation without Taxation !)
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