Skip to comments.House OKs 90 Percent Tax on Bonuses
Posted on 03/19/2009 12:05:53 PM PDT by DakotaRed
Breaking news alert from Fox News, the House has approved the 90% tax on bonuses given out by firms that accepted bailout funds.
(Excerpt) Read more at foxnews.com ...
You have got to be kidding? We haven’t had a 90% tax bracket since Truman’s day.
Just think if there is a 12% state tax, lol. These people are commies, pure and simple.
Unconstitutional. Just like the empty suit. Illegitimate.
Here is the roll call vote. 255 to 160
There should be so many legal challenges to this law. You can design a law to specifical punish certain people, especially something after the fact.
F***** communists. Time to get rid of the whole lot.
Matters not.. it’s unconstitutional.
The seizure of private property (income earned per a contract) by special tax assessment must now be constitutional
Do they just ignore that they knew of the bonuses and that it was Senator Dodd who placed the exemption for their pay outs in the bill?
An amendment also passed, stating the ‘sense of the house’ that the entire mess is NOT the fault of the magnificent TOTUS.
That is the resolution about 0bama being perfect
Social engineering via the tax code...nothing new to see here.
The Constitution doesn’t matter to ends justifies the means Liberals...nothing new to see here.
I saw this discussed by experts on TV last nite.
Unconstitutional and illegal.
SSDD for democrats.
You’re exactly right and I desperately hope these Marxists get shot down.
Who is John Galt?
What country is this? I thought the Soviet Union was dead...................apparently not.......................
Actually, the top rate was 91% when Kennedy took office. He cut it to 70%.
This is BOLSHEVISM. This is TERROR.
I can’t believe not a single representative voted PRESENT.
If they can do this to these people is there anyone they cannot do it to.?
I dont know the Constitution well enough to say this is unConstitutional, but it damned sure aint right.
I dont go along with paying these people this kind of bonus , but one wrong doesnt excuse doing another.
These people are passing bills like there is no tomorrow. What is the rush, cant they step back a second and look some of this crap over? They are running wild. passing things that havent been read, passing bills that arent right. I am not a historian, but I am 65 years old and have never seen anything like this mess in my lifetime.
My feelings are that the Supreme Court judges are quietly sitting and smiling tonight. It’ll even be hard for the liberal judges to just look the other way on this law. Plus you have the idiots who wrote this....naturally have experience from the previous bailout writing....so they are 1-star writters of law at best. The court will carve this up and probably have it tossed out by the end of June.
"These clauses of the Constitution are not of the broad, general nature of the Due Process Clause, but refer to rather precise legal terms which had a meaning under English law at the time the Constitution was adopted. A bill of attainder was a legislative act that singled out one or more persons and imposed punishment on them, without benefit of trial. Such actions were regarded as odious by the framers of the Constitution because it was the traditional role of a court, judging an individual case, to impose punishment." William H. Rehnquist, The Supreme Court, page 166.
What is the gov doing while they have our attention on this?
I thought I just heard a report on Fox that 100 of the Yeas had changed their vote to Nays.
I just called my Congressrat’s (Kilroy, D-OH 15). I told them that bills of attainder are unconstitutional. The aide said, “A bill of what? I never heard of that.”
Thanks, here is the correct link to the vote.
If they can take away their bonuses, we will not be far behind.
Ex post facto is relevant only in criminal matters.
But it is a bill of attainder.
2. Will any Senate Dims EVER read the Constitution, and also support this fillibuster, preventing the bill from passing?
3. Will ZERO veto this bill, if it gets to his desk?
I cannot wait to see Hannity tonight.
Probably why they did it. They knew it would fail.
I don’t see them reversing the Dodd clause, making a law where government shareholder has a say over bonuses from the beginning. Because that might work in the future.
Opening borders, abandoning Israel, kowtowing to China, homosexuals, and killing thousands of babies, for starters..................
So after the Dems put those bonuses in the stimulus bill they turn around and take them out? That will teach those wall street types to trust them!
Yes, thanks. Posting too quickly does that.
Incredible. 1 Dem voted NO.
First, the tax is a dumb idea. They should not get the bonuses in the first place.
However, since the money for the bonuses comes from the government...the claims of “bill of attainder” will not hold up in court...since the bonus money “comes from the government”.
This AIG bonus stuff reminds me of the Stalin-Trotsky power struggle in the old USSR....only this time the Socialist-Communist struggle is between Democrats and Republicans....with Dems supporting some re-compensation for the AIG bonuses...while the GOP and pseudo-cons want to continue paying tax dollars to failed AIG execs.
I am not sure that there is a Democratic congressman who is capable of conceptual thought.
One of our Senators is very wealthy. His father was a ruthless businessman in the grocery business. His brother ran the family business before it was sold. This senator has bought every election in this progressive state. He owns the professional basketball team. His brother’s comment on his brother, the Senator, was that it” gives him something to do” and out of the family business.
How many Democratic congress critters are of the same ilk?
People, men and women, who have spouses or families of great wealth and they have a seat in Congress that gives them “something to do”....so that they don’t screw up the real family business.
Just FYI - these are not performance bonuses. They are more like severance pay. These jobs have already been eliminated and to give the employees a reason to stay long enough to wind down their particular book of business, they were promised these payments.
That’s why some of them have already left the company - their jobs no longer exist.
taking more money out of your wallet
You are right. It is clearly and unarguably unconstitutional. Period. It cannot fly. Our house thugs held this vote in order to posture for the American public. Of course, these clowns consider themselves above the restraints of the constitution. Many if not most probably believe they can get by with it. And the same number undoubtedly have no idea what is in the constitution, not that they care anyhow. This is frightening as hell. The Barney Fwanks of the world become Gods, deciding how much people should make and inventing ways to confiscate whatever they consider appropriate from anyone they happen to dislike!
This cannot possibly be legal. It’s heading perilously close to, if not into, bill of attainder territory and those are SPECIFICALLY forbidden by the Constitution.
"The measure passed, 328-93; most Democrats supported the measure while Republicans were sharply divided."
"A two-thirds majority among all members voting was required for passage."
That’s the truth. I have an acquaintance who works for a subsidiary of Citi. His division is very profitable, and he gets a bonus because of it. His household budget is figured on his bonus, so he works hard, and makes sure his division is profitable, ensuring he makes “x” amount of dollars at the end of the year. This will affect him and his family. Atlas may shrug over this “farce”...the bombastic outpouring from the Congress is unbelievable, just a show for the cameras.
That was quick. The House never works this fast. I think it must be to facilitate 15 April. Hopefully most of those bonus folks saved their money. Some might get away with paying them in the 2009 taxes next April which will help people find some more deducations to help offset this tax.
Or set up a committee to set up bailout packages for companies; a go-between to negotiate federal loans for comapnies with their hand out hoping for federal money. They would PUBLICLY negotiate a contract with each company.