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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: ConservativeMind

No surprise here; this is something which is common is a dictatorsip form of government... and pubbies went along with it...shame on them.


61 posted on 03/19/2009 12:37:42 PM PDT by kenmcg (cOMMBYAH)
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To: Glenn
If there is a punishment by confiscating the money, it implies a crime. Authorities do not punish something unless they deem there is some sort of infraction.

If there is no implied crime, why are these folks having their contractual earnings confiscated? And if these earnings are confiscated by act of congress, do those whose earnings have been confiscated have any right to due process, as would any citizen?

What's next - taxing Rush Limbaugh at 90% because the democrats don't like the fact that he makes millions of dollars criticizing them?

Unless you can prove each individual committed a crime, by a fair trial, a de facto fine should not be levied against them.

62 posted on 03/19/2009 12:37:48 PM PDT by keepitreal (Obama brings change: an international crisis (terrorism) within 6 months)
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To: Big_Monkey
AIG went to these specialist/executives/employees to get them to stay and try and reduce AIG's $2.6 TRILLION exposure on these derivative's insurance contracts. The employee did that. They reduced the exposure by $1.1 TRILLION dollars. AIG (with the approval of the NY Federal Reserve Bank, under the leadership of Tim Geitner) promised these employees X amount of dollars if they stayed and did what they were asked. These are legitimate payments on legitimate contracts. Period.

ding, ding, ding, ...we have a winner.

These are the facts. The people who were given bonuses signed up to stay on in a part of AIG that was going away .. they could have departed for greener pastures. The jobs they took were dead end, no future other than pay and a retention bonus when the job is done or the term of the contract is over.

So, AIG pays $165 million to unwind $1.1 trillion in debt obligations ... sounds OK to me.

63 posted on 03/19/2009 12:37:57 PM PDT by tx_eggman (Clinton was our first black President ... Obama is our first French President.)
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To: ConservativeMind

The President gets $400k doesn’t he? Won’t he get hit with this tax?


64 posted on 03/19/2009 12:38:15 PM PDT by Dead Corpse (1000110010101010100001001001111)
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To: LibertarianLiz

ABSOLUTELY!


65 posted on 03/19/2009 12:38:41 PM PDT by Big_Monkey
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To: Recovering_Democrat

There isn’t. It won’t.


66 posted on 03/19/2009 12:39:01 PM PDT by Dead Corpse (1000110010101010100001001001111)
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To: ConservativeMind

Voting their anger.

Is this not a bill of attainder?

The Constitution of the United States, Article I, Section 9, paragraph 3 provides that: “No Bill of Attainder or ex post facto Law will be passed.”

“Bills of attainder, ex post facto laws, and laws impairing the obligations of contracts, are contrary to the first principles of the social compact, and to every principle of sound legislation. ... The sober people of America are weary of the fluctuating policy which has directed the public councils.” James Madison, Federalist Number 44, 1788


67 posted on 03/19/2009 12:39:05 PM PDT by alloysteel (Obama was lying, your rights are dying)
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*


68 posted on 03/19/2009 12:39:08 PM PDT by TornadoAlley3 (Obama is everything Oklahoma is not.)
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To: alloysteel

Yes. But don’t presume to think the Constitution means anything any more. They flushed the last few remaining ashes of it down the crapped last fall...


69 posted on 03/19/2009 12:40:16 PM PDT by Dead Corpse (1000110010101010100001001001111)
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To: devistate one four

We have always had punishment taxes...


70 posted on 03/19/2009 12:40:35 PM PDT by babygene (It seems that stupidity is the most abundant element in the universe)
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To: ConservativeMind
As long as they are passing retroactive tax law did they include Raines & Gorelich too? After all they gave themselves millions, it would only be "fair" tio demand it back.

Regards,
GtG

71 posted on 03/19/2009 12:41:05 PM PDT by Gandalf_The_Gray (I live in my own little world, I like it 'cuz they know me here.)
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To: socialismisinsidious

“The socialist are on the march!”

We have a Fascist government.


72 posted on 03/19/2009 12:41:08 PM PDT by Comparative Advantage
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To: ConservativeMind

“This is extremely dangerous ground, and a large number of Republicans voted for it. “

Not surprising. Their dunce of a boss initiated the first criminal baoilout and helped put the Obamanation in the White House do to his incompetence.

I fail to understand how you can enact a law attacking a specific person with an income tax like this. It is reminiscent of a Bill of Attainder.

The American Tax dollars which have been laundered through AIG to failing foreign financial institutions and investmens is a far greater crime than these bonuses but nobody seems aware of them.


73 posted on 03/19/2009 12:42:48 PM PDT by ZULU (Obamanation of Desolation is President. Non nobis, non nobis Domine, sed nomini tuo da gloriam.)
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To: ConservativeMind
"This is very wrong. They are targeting specific individuals, after the fact, for something lawfully given."

BS! The company was BANKRUPT and it took tax payer $s to bail out their worthless certified expert ashes! The taxpayers have no contract with any of these proven failures to pay them bonuses. You want them to claim the fantasy that they're owed bonuses, you pay them!

74 posted on 03/19/2009 12:45:52 PM PDT by spunkets
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To: tx_eggman

“They have seen with regret and indignation that sudden changes and legislative interferences, in cases affecting personal rights, become jobs in the hands of enterprising and influential speculators, and snares to the more-industrious and less-informed part of the community.”

Reading quotes like this, and the Declaration of Independence - they could have been written yesterday!!


75 posted on 03/19/2009 12:46:40 PM PDT by 21twelve (The Obamas have all the class of the Clintons and none of the charm.)
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To: ConservativeMind

There are provisions in the constitution which prevent the federal government from interfering with private contracts. What these clowns are doing is patently unconstitutional. Who will call them on it? Pitchforks and torches become a greater possibility.


76 posted on 03/19/2009 12:50:56 PM PDT by shotdog (I love my country; it's the government I'm afraid of.)
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To: babygene

Smokers get to choose to buy the product. This is taking money that people received under a legal contract. Not the same.


77 posted on 03/19/2009 12:51:27 PM PDT by Jenny217
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To: domenad
Too bad, there’s such a groundswell of anger against these bonuses, to vote against would be very damaging. I’m sure the pressure is on.

So you are in favor of chucking the Constitution for political expediency? The cost of supporting this bill should be terminally damaging to anyone's political career.

78 posted on 03/19/2009 12:51:40 PM PDT by JrsyJack (ct)
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To: Dead Corpse

The Presidents $400k isn’t a bonus, it’s salary. However he is “rich” and will be paying higher taxes under the Dem plan. (Let’s see that happen)

Although all of Congress their pay is less than the $250k limitation ... so they aren’t “rich”.


79 posted on 03/19/2009 12:52:19 PM PDT by K-oneTexas (I'm not a judge and there ain't enough of me to be a jury. (Zell Miller, A National Party No More))
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To: spunkets

When a company declares bankruptcy, then contracts can be renegotiated. “Effective bankruptcy” has no such provision.

The problem was with the bailout, which kept all the contracts, Credit Default Swaps, etc. in play.

We should have let the company go under. We didn’t, so don’t get mad that contracts are still there. It doesn’t mean we should have confiscatory penalties on otherwise legal activity.


80 posted on 03/19/2009 12:53:24 PM PDT by ConservativeMind (Cancel liberal newspaper, magazine & cable TV subscriptions (Free TV-dtv.gov). Stop funding the MSM.)
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