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 ...
Treasury seeks corporate bonus killers - Hiring 'executive compensation specialist'
This whole mess reads like a Simpson’s show.
90%? Hells bells. Just make it 100% and get it over with. And, raise the taxes on the so-called “rich” to 90%, too. If we’re on a fast track to socialism, why don’t we just skip ahead to communism.
Heavy discussion at CNBC Fast money on this...expect to hear more on Kudlow’s show later..
Right on, right on, right on, brother!
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