Democrats Move Toward Selective Taxation
Bit of a case of buyers remorse.. you’d think that they would have looked into things before handing over 170 billion or so.
AIG bonus checks may be taxed at up to 100%, says Sen. Chuck Schumer
If AIG execs won’t return their $450 million in bonuses, lawmakers threatened Tuesday to pass a special new law taxing the payouts at anywhere from 60% to 100%.
“They should voluntarily return them. If they don’t, we plan to tax virtually all of it,” New York Sen. Chuck Schumer declared in a speech on the Senate floor.
“To those of you getting these bonuses: be forewarned, you will not be getting to keep them.”
Although I am not for the bonuses – they are contractually obligated to pay thm.
Once government decides it can cancel contracts as it pleases, America is in deep trouble. Or even worse, decides to selectively tax anyone that they don’t agree with.
Obama has a bad partner in AIG, but to use it the way they are is chilling. And childish.
Maybe someday we can get the same reaction from the earmarks…
photo credit: darkmatter
March 18th, 2009 at 6:27 am
Chris Dodd (who wrote the legislation for the AIG deal, and subsequently the exec bonuses) and Obama (who signed the legislation authorizing the bonuses) are pretty upset now for some reason.
Having said that, the two biggest recipients of campaign donations from AIG in the last election were Chris Dodd and Obama.
I wonder whether they now detest that bad money their campaigns received from them.