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 ...
I wonder if they get to claim this on their taxes next year.
They had it, then lost do to taxes, seems to be me would be mighty big tax deduction next year, since most if not all will be unemployed
That certainly worked out well for McCain-Feingold.
None of it matters.
Those who can read at grade level know that this entire uproar is a farce, and that the legislation itself is unconstitutional. It will be challenged in court a long time from now, when no one is interested any longer, and when other “crises” have arisen.
The illiterate masses (roughly 52% of the U.S. population, as of November 2008) will celebrate the fact that “something” was done, that Congress “fixed” the problem and struck a blow for justice by punishing those “greedy, fat-cat” Wall Street bankers. They will then turn to American Idol and waste no more energy on the matter.
In 2010, 90% of incumbents will be re-elected to office, partially on passage of “successful” legislation such as this.
All is well in the People’s Democracy.
This is not a "bill of attainder", not technically. It's tax law and not criminal law, so it's not a violation of that clause in the Constitution. It's evil. It's stealing. It's grandstanding for the looters on the far left socialist wing of the democrat party. It's not unconstitutional except as a violation of the 9th and 10th Amendments, which are routinely ignored.
Amendment IX: The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.
Amendment X: The powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states respectively, or to the people.
When did Marxist tyrants start concerning themselves with their actions being unconstitutional or illegal?
In any event, Congress can pass a law tomorrow confiscating all your wealth, or all wealth of all parties in any class they find ideologically displeasing. And it wouldn’t be unconstitutional.
Obama’s speech on the White House lawn yesterday re AIG was unabashadly Marxist. With the news media echoing his communist viewpoints, middle America is solidly on his side regarding AIG, going right along with their own doom.
Damages will be doubled. What losers
Hope you don’t mind, I just quoted that in my email to my rep (Paul Hodes)
Nice job on the AIG bonus bill today. I thought you studied law:
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.
Maybe you should read the constitution instead of just betraying it blindly time after time.
Carl Cameron just admitted he was confused.
Still no response from the ACLU. Insert cricket noise here.
I see. Thanks.
It’s much more than that. Barney Frank wants them to be outed so the peasants with pitchforks can hunt them down.
Why not propose and put to a congressional vote a bill that taxes all income above $500K at 100%. That is all income >$500 for every profession; lobbyists, actors, athletes, lawyers, professors, coaches, pundits, etc. As well as income derived from retired politicians speeches.
Not because I think it is a good idea, but because these idiots think taxes are a good thing. Or let's just find out once and for all what the "patriotic" amount of money we are allowed to earn.
Obama, Reid, and Pelosi will not be stopped until the MSM is crushed. Middle America is behind Obama/Congress’ blatant Marxist tyrannies because Middle American gets its viewpoint from the MSM.
This ain’t gonna change, folks, by ranting and raving about it on Hannity, Rush, or Free Republic.
The MSM is much more powerful.
It’s only a bill of attainder if you consider paying a tax a “punishment”. SCOTUS could flop either way on this. If they declare a tax is a punishment it would open the doors to many other actions. I’ll bet they let it stand.
Just for the record: Alcee Hastings and Charlie Rangel voted for it, LOL!
Seriously though, what’s Cantor doing voting for this piece of legislation???
Good for Cynthia Lummis (R-WY) !
I’m so glad Fox addressed this because I saw the same report and was totally confused.
ping to this discussion. What say you as to the constitutionality of this bill? Is it a bill of attainder?
How about a 110% tax against all campaign contibutions received from said companies ????
Heath Shuler has fumbled twice for NC today and It’s only afternoon..
Thanks for the roll call. This will help us know whom we should need to support — and defeat — in the next elections.
This makes me about as angry as the Kelo decision. Every day I’m glad I’m “old”; can’t bear to see what Amerika will look like in 20 years.
Now that is a question I would love to see posed to some of these politicians. Good one!
AIG CEO Edward Liddy should now walk into Congress, hand them a dollar, tell them to shove it, and then sit back and watch the entire thing come falling down around the necks of these corrupt politicians.
Congress and Obama allowed these bonuses to be paid by their own laws and incompetence. All of the money should be taken from their own wealth and retirement guarantees. Many should also be bussed off o prison for the scam and damage they have brought on all of us.
This will be found to be unconstitutional.
Rush mentioned a Libertarian proposing that every one vote for this bill.
1) It will dissuade businesses running hat in hand to the government for a hand out.
2) (My point) It will teach business to donate/vote Democrat at risk of being shanghaied after the check clears.
The Fed is printing money to buy T-bills from the Treasury dept. Think about it, how will this affect the value of the dollar?
How is this not an ex-post facto law?
Also heard this is clearly unconstitutional. Morons!
Thank goodness my rep voted no...
You make the assumption that the constitution still means something to the bureaucrats and politicians. People like Obama and Biden wipe their a$$e$ on it every day.
Just look at what has happened to this country. Are there no decent people left to stand up?
Every day the Constitution is crapped on as we sit and watch.
yeah it is called ex post facto and it is SPECIFICALLY prohibited in the Constitution.
Not that the jerks in Congress give a DAMN about that document any more.
as fast as this went through with no thoughtful deliberation, just “feeling angry” - who’s next? who will they tax at 90% next? I’m angry about these bailouts, but I am furious that these people (and I use the term loosely) in Washington who pass these kinds of things - taxing people at 90% is a very dangerous precedent.
The next election will tell for sure if they have made the right call. If so, America has reached a turning point.
“All of Your Bonuses are belong to US”....
Congress has officially become an enemy to the People of this country.
I wonder if there is any hope left?
And Roy Blunt and Eric Cantor voted for this.
If the Whip can’t be counted on to do the right thing, what good is he? This will isn’t just unconstitutional, it’s also stupid and not productive.
For one, Barack Obama got over $100K in donations from AIG that HE HAS NOT RETURNED.
Also, how can the people who bash the bonuses only support 90%. Are the bonuses only 90% bad?
And the fact is that the bonuses were protected in a bill that every Democrat in congress voted for. It’s their problem. And there’s not much that can be done about it now other than either re-privatizing these businesses or declaring bankruptcy for them.
Having the Government own businesses is not constitutional. Re-privatize them or dissolve them.
It’s called a “Bill of Attainder”. This is a special tax that has created a special class of citizens and subverted contractual obligations.
Passing the Mandatory National Service bill which includes Obama’s new “SS” (officially to be known as the “National Civilian Community Corps”). See this thread: http://www.freerepublic.com/focus/f-news/2210006/posts
Our Constitution is dead unless SCOTUS is still with us...
One aspect they may not be able to overlook is the effect this will have on Employer/Employee contracts. Even if they don’t see the tax as some sort of punishment, if they don’t honor our system of contracts we have NOTHING.
THAT is scary, and that is exactly what we are up against. These aides are the folks that read these bills and tell the reps what is in it. If they don’t even know what a bill of attainder is what hope do we have that they have any clue about what is Constitutional and what is not?
I may not have been able to name the offense specifically when I first read of this bill, but I had enough knowledge to know it was Unconstitutional as it creates a special class of citizens subject to laws the rest of us are not subject to. What business do these people have working in our government if they have no clue about the law?
Um, the point is, Democrats don’t give a damn what the Constitution says, especially when affirmative action is the issue. That’s how we have this affirmative action poseur in teh White HOuse. Democrat voters lack principles necessary for the health of a Constitutional Republic. And now, it’s too late to save what these democrap voters have tossed into the shitter to get their chosen one.
Are they going to send the individuals a special tax return with 90% rates are will the IRS simply seize the money? You can’t take folks’ money without due process.
Were it me I would cash that check, pay the normal quarterly taxes and tell them to pack sand
Not sure what affirmative action has to do with this particular bill itself, but I don’t disagree with anything you’ve said in your post. The Democrat politicians and their supporters (and it appears a lot of Republican politicians as well) have NO loyalty to our Constitution, whatsoever.
I’m alternating between shock, anger, sadness, resignation (because I knew this was coming, but hoped against hope it wouldn’t) as well as waves of disbelief today with the passage of these two bills in the House...
I just can’t WAIT to see what’s next on their agenda... /s
Stupid people running the country. Wait till most of us see our tax rates next year.
Hmmm, the 1040 packet shows no 90% rate. They must get a “special” packet.
The top federal tax rate is 38%. 90% is a punishmnt if others making similar amounts are not taxed at the higher rate.
But is it legal? That’s the question.
I guess it’s that old standby—we’ll have to “punish” them at the polls.
The trouble is, as the general population gets stupider and stupider, that gets harder and harder to do.