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.
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.
}:-)4
"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 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.
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
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.
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.
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???
ping to this discussion. What say you as to the constitutionality of this bill? Is it a bill of attainder?
Heath Shuler has fumbled twice for NC today and It’s only afternoon..
Not Surprised...
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.
How is this not an ex-post facto law?
Also heard this is clearly unconstitutional. Morons!
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.
very scary.
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.