Here’s your WTF moment of the day: House passes bill taxing AIG and other bonuses.
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.
OK, so let’s recap. AIG was contractually obligated, by employment contract with certain of their employees, to pay these bonuses. Senator Christopher Dodd (D-CT) slipped a provision into the Porkulus bill specifically allowing the bonuses…or maybe it was the Obama Treasury Department that wanted him to do it.
The bonuses come to light, and suddenly, every Democrat (and some Republicans) between Capitol Hill and Pennsylvania Avenue is screaming for blood–including the very people who knew the bonus provision was in the bill. This, of course, after it comes to light that the two biggest receipients of AIG campaign cash were…wait for it…Christopher Dodd and Barack Obama.
So as a result, the House, spineless lemmings that they are, has now passed a bill that basically targets about four hundred bonus-receiving households with a 90% punitive tax rate–and in noted tax-cheat Charlie Rangel’s words, “we were figuring the state and local would get the other 10%.” These people who received the bonuses have not been convicted of a crime. They have not gone through any legal due process. They’re simply going to have the government yank 90% of these contractually-obligated bonuses away from them–legally it may not be a bill of attainder, but it sure looks damn close, doesn’t it?. While Chris Dodd and Barney Frank and the people who did as much as any “fat cat” at AIG to fuck up the housing market get away scot free, and the people at AIG have to live with death threats.
Meanwhile, we’re flushing hundreds of billions of dollars down the toilet of a useless pork-laden “stimulus package,” crushing our children with debt, and talking about loading even more taxes for “carbon neutrality” on top of that, and nobody cares. But you let AIG give out $165 million in bonuses, and Uncle Teleprompter is on the case, man.