Thursday, March 19, 2009

HR 1586 To Tax AIG Bonues at 90%: An Unconstitutional Government Seizure, Violates Contract Law

They allowed these bonuses, now they want the money back? The government is now officially usurping property and money on an arbitrary basis?

This is a dangerous precedent! This cannot and will not stick in the courts.

The White House and Congress all knew this was coming!

Why did Chris "Flip Flop" Dodd insist upon inserting language into the CRAPulus Socialist Bill protecting these bonuses?

This is an unconstitutional outrage!

The Constitution says the government can’t interfere in private contracts–and the AIG bonus agreements were struck in early 2008, when the company wasn’t under government control

The Fourth Amendment guards against searches, arrests, and seizures of property without a specific warrant or a "probable cause" to believe a crime has been committed. Some rights to privacy have been inferred from this amendment and others by the Supreme Court.

Where is the crime? No penalties were written into the original TARP bailout.

This act also violates the Equal Protection Clause of the 14th Amendment! You cannot just tax one individual more than another because you don't like it!

Acting swiftly, the Democratic-led House approved a bill Thursday to slap punishing taxes on big employee bonuses at firms bailed out by taxpayers. In some cases the bonuses might be taxed 100 percent leaving the recipients with nothing.

The bill would impose a 90 percent tax on bonuses given to employees with family incomes above $250,000 at American International Group and other companies that have received at least $5 billion in government bailout money.

"We want our money back now for the taxpayers," House Speaker Nancy Pelosi said.

Rep. Charles Rangel, a New York Democrat, chairman of the tax writing House Ways and Means Committee, said he expected local and state governments to take the remaining 10 percent of the bonuses, nullifying the payouts.

The vote to tax back most of the bonuses was 328-93. Voting "yes" were 243 Democrats and 85 Republicans. It was opposed by six Democrats and 87 Republicans.

Minority Leader John Boehner, an Ohio Republican, said the bill was "a political circus" to divert attention from why the administration and congressional Democrats had not done more to block the bonuses.

Diversion indeed and a complete violation of liberty. Has Congress failed to read The Constitution like it failed to read the stimulus bill?

Stumble Upon Toolbar submit to reddit

No comments:

Post a Comment