Friday, March 20, 2009

Congressional Mendacious AIG Bonus Indignation, House OK's Confiscatory Tax

AIG Employees who received their bonuses for failure, are living in state of panic some have received death threats. Whats going on here? Does someone have to get killed before people take a step back, take a breath and blame the real culprits?

The federal bailout of AIG which made all this possible is the fault of Dem's in Congress and the Obama Administration which knew that the bonuses were going to be paid months ago. Yesterday I wrote here that Sen. Christopher Dodd, D-CT admitted that he lied when he initially acted outraged over the AIG Bonuses, in fact he was the archetect who was responsible for adding the provision in the bill and subsequently passed by the Democratic Congress which made it all possible.

Congress sudden indignation over the AIG bonuses is disingenuous and the House bill desighned to tax the bonuses at a 90% rate is likely unconstitutional.

Article 1 Section 9 of the U.S. Constitution states: "No bill of attainder or ex post fact law shall be passed."

In the bill passed by the House to tax AIG bonuses at a 90% rate, Congress has selected a class of people to confiscate their money after first allowing the bonuses to be paid.

For the law to be fair and just, Congress can not pass a bill that selects a group of people to punish. If Congress can confiscate money paid to certain AIG employees, how long will it be before Congress selects another group of people to confiscate their money? The next group may be you?

Those responsible for the AIG Bonuses are Members of Congress. Had the free marketplace been allowed to work, successful businesses prosper and the mismanaged businesses either are reorganized or fail. It is not the Congress, that should be nationalizing private businesses, picking and choosing which business are worth saving.

Whenever government gets involved in anything, they screw it up. "Hope-n-Change" wants to nationalize health care, how long will it take before Congress screws that up too?

More here Banker fury over tax "witch hunt" from Financial Times

Related: Look beyond the bogus bonus smokescreen--Michelle Malkin

AIG Bonus Snafu: Boomeranging Into The Faces of Democrrats