Taking advantage of the populist revolt against Wall Street and AIG bailouts, the House Democrats have passed a vengeance tax on TARPed financial firms that amounts to a 90 percent marginal tax rate on bonuses. This is being done in the name of AIG outrage, and nobody wants to defend the insurance company — including me. The financial-products division helped blow up the global credit system, and it shouldn’t be rewarded. Yet one wonders about this 90 percent tax rate. If it passes the Senate, will it ever be repealed? This could be the ultimate class-warfare spread-the-wealth redistribution scheme, aimed...