House passes bill taxing AIG and other bonuses 90%
Rep. Ron Paul (R-TX) yet again went against the grain in Congress when he
stood up in the House and argued against a proposal that would tax 90
percent of AIG executive bonuses, saying that it was a “disgrace,” a
“distraction” and an “outrage” that undermined the Constitution.Despite the protestations of Paul and a few others, the House voted
overwhelmingly to pass the bonus tax legislation Thursday afternoon.Roll Call reports the vote was 328-93 to impose a 90 percent tax on
employee bonuses at companies that received federal bailout funds.“While the vote was bipartisan, the GOP was split on the bill, with
Minority Leader John Boehner (Ohio) voting against it and Minority Whip
Eric Cantor (Va.) voting in favor of it,” reported Roll Call.CNN notes that the measure, which now heads to the Senate for
consideration, would tax individuals on any bonuses received in 2009 from
companies getting $5 billion or more in money from the Troubled Asset
Relief Program. Those with incomes more than $250,000 would see their
bonuses taxed at the 90 percent rate.“We can’t have any concept of we’re getting even, but we must have a
concept that we’re trying to show that Congress … cannot tolerate that,”
said Charlie Rangel (D-NY), chairman of the House Ways and Means Committee
on Wednesday.Said House Speaker Nancy Pelosi, “We must also protect the American
taxpayer from executives who would use their companies’ second chances as
opportunities for private gain. Because they could not use sound judgment
in the use of taxpayer funds, these AIG executives will pay the Treasury
in the form of this tax.”
It’s just sad. As Paul said it’s just a distraction. They are worrying about a minute amount of money which was unconstitutionally allocated and not earmarked. Then they go and pass this unconstitutional bill of attainer while they sit back and watch as the Federal Reserve System tosses billions of dollars around, debases the currency and further destroys the economy.
