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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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To: spunkets
Under corporate law, the contract is with the corporation, not its shareholders. The U.S. government is a shareholder, not the legal entity known as the corporation.
121 posted on 03/19/2009 1:24:42 PM PDT by keepitreal (Obama brings change: an international crisis (terrorism) within 6 months)
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To: scooby321

If you’re the Perp, but you can get the Mob turned against the town banker, while the mob is hanging him, you can more easily break into the bank and make off with the entire wealth of the town. The mob won’t know what hit them until after they’ve lost their jobs, homes, and ranches because the bank failed. That’s in addition to the chilling effects ‘Congress’ is having on Contract Law!


122 posted on 03/19/2009 1:25:25 PM PDT by CRBDeuce (here, while the internet is still free of the Fairness Doctrine)
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To: ConservativeMind

Congress has turned into a mob, more like a pack of wild mongrel dogs attacking everything in their path. Nobody is safe...nobody. But there are many who think they are part of the pack...and they aren’t.

This is unconstitutional in every way I can think of. More, it is purely deceitful...They, congress and ZERO signed this into law and now they are making it the fault of someone else. Self righteous indignation is all this amounts to.

This is another dose of TERRIBLE news for the Dying AMERICA.

Our Constitution has been trampled just as though congress and ZERO went to the National Archive, tore it from the vault and burned it on the National Mall.

I am sick to my stomach.


123 posted on 03/19/2009 1:27:24 PM PDT by Sequoyah101 (Get the bats and light the hay)
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To: EBH
""It was written in the porkulus bill by Mr. Dodd himself."

There were no contracts entered into by the taxpayers. Dodd's action, on behalf of the WH was a condition, not a contract, and that bogus condition is being corrected now.

124 posted on 03/19/2009 1:27:57 PM PDT by spunkets
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To: AmusedBystander
It is not a knee jerk response. What happened today in the House was wrong and to think Republicans had crafted something to take back 100% of the money.

There are a few things that are the bedrock of the capitalist system. One is the employment contract. It often includes things like salary, bonus, commission, benefits, etc.

In the porkulus bill they passed and signed into law they said they would uphold the bonus structure. That, whether I like it or not, was agreed too on behalf of the American taxpayer.

Turning around today and retroactively taxing 90% of it back?

125 posted on 03/19/2009 1:27:57 PM PDT by EBH (The world is a balance between good & evil, your next choice will tip the scale.)
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To: ConservativeMind

Maybe I’m wrong, but doesn’t the legal concept of keeping to a contract pre-date even something as old and established as habeus corpus?


126 posted on 03/19/2009 1:28:26 PM PDT by paulycy (BEWARE the LIBERAL/MEDIA Complex)
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To: ConservativeMind
This is very wrong. They are targeting specific individuals, after the fact, for something lawfully given.

Damn right it's wrong. It's called a Bill of Attainder with the punishment set as punative taxation.

127 posted on 03/19/2009 1:29:21 PM PDT by Centurion2000 (01-20-2009 : The end of the PAX AMERICANA.)
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To: ConservativeMind
I want my country back. We need to get the states to put the federal government on notice. They work for us and they have become nothing but a gang of thugs.

The 10th Amendment resolutions are nice, but nothing will get better until the states take a stand against this nonsense.

128 posted on 03/19/2009 1:29:22 PM PDT by SaveTheChief (Obama lied, America died.)
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To: keepitreal
We are swiftly moving from a nation of laws
to a nation governed by capricious force.
129 posted on 03/19/2009 1:29:38 PM PDT by dmcnash (Don't fire until you see the whites of their eyes!)
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To: EBH

An interesting twist to this. The original TARP required bailout money recovered to be used to pay down the national debt. These taxes bonuses will go to the general fund and be wasted on liberal entitlements.


130 posted on 03/19/2009 1:29:52 PM PDT by KansasGirl
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To: Fellow Traveler
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.

Add to Tea Party List...needs sign!

131 posted on 03/19/2009 1:30:07 PM PDT by CRBDeuce (here, while the internet is still free of the Fairness Doctrine)
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To: boxerblues

I think you may have numbers for a different vote.

Index of House Roll Call Votes here:

http://clerk.house.gov/evs/2009/index.asp

Vote Number 143, relating to HR 1586 here:

http://clerk.house.gov/evs/2009/roll143.xml

Vote Number 144, relating to some silly statement [note the vote on the bill] is here, and this is the vote you reference:

http://clerk.house.gov/evs/2009/roll144.xml


132 posted on 03/19/2009 1:30:15 PM PDT by Stat-boy
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To: keepitreal
"Under corporate law, the contract is with the corporation, not its shareholders. The U.S. government is a shareholder, not the legal entity known as the corporation.

Yes, you're correct. But (there's always a butt), if that contract causes the business to go under, the shareholder loses it's stake in the company. The reason the US didn't take full ownership is because the FED didn't want to show AIG's liabilities (estimates exceed $3 trillion) on it's balance sheet.

Anyways, a shareholder can't invalidate a contract just because they find the contract terms untenable. They invested in the company and as such, were also entered as a de facto party to the original contract. So, while you're correct in asserting that the US taxpayer isn't on the hook in a "legal" sense, for all practical purposes, they most certainly are.

133 posted on 03/19/2009 1:31:44 PM PDT by Big_Monkey
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To: tsmith130
"Show us the proof that the SPECIFIC people who were given these contracts were worthless morons. Prove it or else your claims are vacuous and empty."

AIG failed! Did you miss that? The morons I noted that were recieving bonuses with taxpayer money held titles of CEO and general counsel. I'm sure the rest of the morons that caused the failure were recieving bonuses also.

134 posted on 03/19/2009 1:32:12 PM PDT by spunkets
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To: spunkets

The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a written employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary [of the Treasury] or the designee of the Secretary.

The amendment as modified by the conference committee was included in the final recovery bill passed by Congress and signed by President Obama.


135 posted on 03/19/2009 1:32:46 PM PDT by EBH (The world is a balance between good & evil, your next choice will tip the scale.)
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To: Stat-boy

Ah thanks!!! I got mine from here

http://www.house.gov/daily/hpg.htm

Roll Date Issue Question Result Title/Description
144 19-Mar H CON RES 76 On Motion to Suspend the Rules and Agree F Expressing the sense of the Congress regarding executive and employee bonuses paid by AIG and other companies assisted with taxpayer funds provided under the Troubled Assets Relief Program of the Secretary of the Treasury.

143 19-Mar H R 1586 On Motion to Suspend the Rules and Pass P To impose an additional tax on bonuses received from certain TARP recipients


136 posted on 03/19/2009 1:33:05 PM PDT by boxerblues (Party like its 1773)
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To: ConservativeMind

Corrected link and bill for roll call vote


137 posted on 03/19/2009 1:33:47 PM PDT by boxerblues (Party like its 1773)
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To: spunkets

Spunkets, are you trying to set a record for how many times you can be wrong on one thread?

The stimulus bill is now a federal law, and so are all of its contents.

That’s not a condition or a correction.

It is law. The contracts are protected by the AIG bailout paperwork with the Treasury from Sept. 2008, State of Connecticut State Law, The Stimulus Bill,US Contract law and the US Constitution.

The only people as wrong as you is the Congress, one house of which just passed an unconstitutional bill of attainder against private citizens.


138 posted on 03/19/2009 1:33:48 PM PDT by exit82 (The Obama Cabinet: There was more brainpower on Gilligan's Island.)
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To: Callahan

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

About five minutes.


139 posted on 03/19/2009 1:34:35 PM PDT by Jim Noble (They are willing to kill for socialism...but not to die for it.)
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To: spunkets
So, all 115,000+ employees of AIG were responsible for that failure?

With all your emotional knee-jerking, I'm surprised your nose isn't broken...or is it?

140 posted on 03/19/2009 1:35:43 PM PDT by tsmith130 (If I had wanted him to succeed, I would have voted for him. I didn't...so I don't.)
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