Posted on 03/19/2009 6:14:42 AM PDT by Sub-Driver
Pelosi Backs 90-Percent 'Bonus Tax' to 'Protect' Taxpayers From Executives Thursday, March 19, 2009 By Susan Jones, Senior Editor
(CNSNews.com) - Rep. Charlie Rangel (D-N.Y.), himself under fire for alleged ethics violations (see story), is the author of a House bill that would impose additional, special taxes on those who received bonuses from companies that accepted taxpayer bailouts.
Employees of bailed-out companies who received bonuses after Dec. 31, 2008 – as stipulated in their contracts -- would have 90 percent of the money taxed away under a bill that the House is expected to take up on Thursday.
"We figured that the local and state governments would take care of the other 10 percent," the Associated Press quoted Rangel as saying.
The bonuses subject to special taxes include "any retention payment, incentive payment, or other bonus" given to employees whose overall income (other than bonuses) exceeds $250,000.
While the AIG situation has prompted outrage, members of Congress also are under fire in some quarters for approving the financial bailout plan without restrictions that might have limited such bonuses.
Sen. Chris Dodd (D-Conn.) – a top recipient of campaign donations from AIG employees – on Wednesday acknowledged that he agreed to weaken a provision that would have prevented the payout of bonuses such as those received by some AIG employees.
(Excerpt) Read more at cnsnews.com ...
This is an outrage.
There are many, many honest, hard-working executives who receive bonuses. They were promised a bonus, they earned the bonus. Stupid, stupid plan.
I wonder if “excessive” compensation plans for auto union executives will be targeted by congress.
We need to protect the taxpayers from government, never mind corporate executives.
My suggestion is to write a law that says all publicly held companies cannot contribute to either politicians or PACS.
But I hate the idea of the government micromanaging business decisions.
I also hate the idea of ex-post-facto laws and bills of attainder.
Populism is a very dangerous thing. It leads to mob rule and lawlessness parading as law.
Anyone who has ever gotten a bonus knows that they are taxed at the Unearned Income Tax Rate when the check is cut.
These people are such hypocrites. They don’t have a problem taking political contributions from these same companies. I am so sick of them all. I wish we the people had the power to DRAIN THE SWAMP. However, that will never happen as long as we have a corrupt media and acorn groups stealing elections.
“Anyone who has ever gotten a bonus knows that they are taxed at the Unearned Income Tax Rate when the check is cut.”
That’s not true. Taxes are only WITHHELD at a higher rate.
Yeah. That's equal protection for you.
ML/NJ
My yearly bonus has never been taxed at that rate...
Why take it from the employees anyway?
If you think AIG should not have given the bonuses, then make AIG pay back the money to the government.
This is not the employee’s fault and it should not be their problem.
This is between Obama admin and AIG management.
They want to control all salaries. This is just to prepare the public for that day.
“We need to protect the taxpayers from government, never mind corporate executives.”
Bingo!
Laura Ingram, subbing for O’Reilly last night brought up a good point ...such taxes aimed directly at individuals would violate the Constitutional prohibition of bills of attainder. Obviously Pelosi doesn’t take her oath to defend the Constitution very seriously.
I am convinced these politicians have no minds. They need to be out of office.
The money quote was from the head of Deutche Bank...he couldn't wait for these laws to take effect, as Wall Street's best and brightest would come to work for him.
Going to be hard for America to come back from all this, when its politicans insist on hamstringing the people who can accomplish it.
Forget the AIG bonuses, how about taxing members of Congress at a 200% rate. To pay for all of their “bleep” ups!
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