Posted on 03/20/2009 1:00:40 PM PDT by Ernest_at_the_Beach
The frantic passage of the Populist Rage Tax was a new low in the US government's response to this crisis. It shows just how likely we are to doom ourselves to a decade or more of misery--by choking our markets, closing our borders, turning our banks into tools of social policy, and wrecking what's left of our economy.
In case you've been too outraged by AIG (justifiably) to notice what happened, here's a recap:
If the "TARP bonus" bill the House passed today becomes law, any of the hundreds of thousands of people who work for Citigroup, Bank of America, AIG, and nine other major US corporations will have to fork over 90 cents of every bonus dollar that puts their household income over $250,000.
That's household income, not individual income. If you're married and filing singly, you'll have to surrender anything over $125,000. Indefinitely.* [See the comments below for a discussion of the mechanics of this.]
(Excerpt) Read more at businessinsider.com ...
More accurately: ‘Mob Rule Tax’.
I heard the Senate put the kibosh on the bill.
How long until they expand the 90% tax to anyone making over a certain threshold figure? And then continue moving down the income charts until they completely collapse the economy?
Slippery slopes...
That might be the plan...for Ayers and crew...I doubt he would be upset.
“every bonus dollar that puts their household income over $250,000.”
I’d venture to say that a lot of them make over $250,000 in regular salary. So anyone getting any bonus, not just these top guys, would get screwed by this bill for any amount of bonus. This isn’t just targeting a few guys at the top.
How The Socialists [Marxists, Keynesians] Are Destroying America From Within
How about a 90% tax on anyone that served in Government that becomes a multy millionaire while serving or after.
Anything over $250K will be taxed at 90%.
Anyone in Hollywood that is paid over $250k for a movie will be taxed at a 90% rate...
Politicians who accept bribes in the form of book advances or futures market profits should be taxed at a 90% rate.
This has went on far too long.
The Bolsheviks started with the Kulaks. Then they redifined the word until anyone who had the money to buy enough food was a Kulak.
If the "TARP bonus" bill the House passed today becomes law, any of the hundreds of thousands of people who work for Citigroup, Bank of America, AIG, and nine other major US corporations will have to fork over 90 cents of every bonus dollar that puts their household income over $250,000. That's household income, not individual income. If you're married and filing singly, you'll have to surrender anything over $125,000. Indefinitely.Thanks Ernest. Wrap the body in a TARP and bury it at sea.
Well, its only indefinite... if the company plans to take government bailout money indefinitely.
It does not apply to companies *not* suckling on the government's teat.
That said, I think it's stupid to penalize the successful employees of a bailed-out company. After all, these bonuses are meant to reward those that actually earned the companies' some profit. Those that cost the companies' their money probably aren't getting anything.
Which means there is no incentive to go the extra mile anyone. Which'll prolong the length of time these companies will require bailout money.
Which is stupid.
Well, its only indefinite... if the company plans to take government bailout money indefinitely.
It does not apply to companies *not* suckling on the government’s teat.
The law of unintended consequences bits hard.
The Gov people are not smart enough to catch and keep rich folks money. There will always be loopholes and a way to keep WHAT IS THEIRS.
I thought the Congressional followers of the Liberal Messiah didn’t read the Constitution. Now I realize they are reading it in order to find ever more creative ways to violate it.
See the link at post #7...
If this works that way, they should have written the tax as a surcharge on the large bonuses.
Uh, huh. Tomorrow, and tomorrow and tomorrow...a little less than four glorious years of tomorrows at this point.
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