Archive for the ‘constitutional’ Category

VP adviser: AIG bonus tax may go too far

March 22, 2009

Vice President Joe Biden‘s economic adviser warned Sunday that a congressional plan to tax American International Group Inc. executives’ bonuses may go too far in using the tax code as a tool for retribution.

President Barack Obama has not said whether he would veto some version of a House-backed plan to heavily tax the $165 million in bonuses. Biden economist Jared Bernstein said it’s important to look at what version of the proposal comes out of the Senate.

“I think the president would be concerned that this bill may have some problems in going too far — the House bill may go too far in terms of some — some legal issues, constitutional validity, using the tax code to surgically punish a small group,” Bernstein said in a television interview. “That may be a dangerous way to go.”

Democratic and Republican leaders in the Senate also have expressed concern about the plan’s approach to dealing with the AIG bonuses.

American International Group received billions in taxpayer dollars to keep its doors open but still paid employees the bonuses their contracts required. Populist anger led the House to impose a 90 percent tax on bonuses paid this year to companies that needed government bailout money.

Obama and his top advisers called the bonuses outrageous and condemned them. Bernstein said the administration must be focused on the big picture, not just one company.

“What happened at AIG, vis-a-vis these bonuses, is a symptom of a much larger problem,” he said. “And we cannot lose sight of the larger problem, which is stabilizing financial markets,”

Bernstein appeared on ABC’s “This Week.”

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Pelosi, Rangel rushing to tax AIG and other bonuses 90%; This caused a revolution once…

March 19, 2009

Punishment by tax is unconstitutional becaue that is the kind of trickery pulled to punish our Founders the colonists: by the King of England.

So are the Democrats sure they want to vote on a 90% tax for AIG and others like them?

Guess who loves this good thinking?  Nancy Pelosi and Charlie Rangel.

These guys are eating my lunch….

Second idea; the Democrats want to rush this to a vote in the House: the same kind of brainless conduct that brought us the stimulus and the AIG bonuses in the first place.

“Give me a f *&$%# ing break.”

*********************

By STEPHEN OHLEMACHER, Associated Press

Democrats are rushing through a legally questionable tax on employee bonuses from bailed-out firms to paper over the failure of the Obama administration and key lawmakers to stop those payouts, Republicans charged Thursday.

“The Democratic bill brought to the floor today is constitutionally questionable,” said Rep. Mike Pence, R-Ind. “It’s obviously a transparent attempt to divert attention away from the truth that Democrats in Congress and this administration made these bonus payments possible.”

Democrats rushed a bill to the House floor on Thursday to levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money. A vote was expected later Thursday.

“We figured that the local and state governments would take care of the other 10 percent,” said Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee.

Read the rest:
http://news.yahoo.com/s/ap/20
090319/ap_on_go_co/aig_outrage

Related:
http://michellemalkin.com/200
9/03/19/first-they-came-for-aig-bonuses/

 Economic Recovery? “These guys are eating my lunch”

Related:
Lawmaking by Stampede Made the Stimulus, Now We’ll Tax ‘Bonuses’ the Simulus Allowed?
.
Obama On Geithner Sounds Like “Brownie, you’re doing a heck of a job”

 AIG Bonus Snafu: Boomeranging Into the Faces of Democrats?

“Dodd The Dodge” — Senator Weasels Away The Truth; And Not Artfully

Obama the centrist, pragmatic problem-solver is gone: now liberal spendathon, no accountability
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News at eleven followed by Jay Leno and Barack on the National Barack Channel….

Obama, Pelosi: Anything to Win

Obama, Congress, Treasury, Fed: Shameful Mismanagement of Your Money, Recovery

Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

Fed to pump another $1 trillion into U.S. economy “from thin air”