Thursday, March 19, 2009

Politics: "House to vote on 90% tax for AIG bonuses"

clipped from
House to vote on 90 percent tax for AIG bonuses
The House is scheduled to vote today on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.
"We figured that the local and state governments would take care of the other 10 percent," said Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee.
Edward Liddy, who was brought in last year by the government to run AIG, told a House subcommittee Wednesday that the company was contractually obligated to pay the bonuses but that some of the recipients have begun returning all or part of them.
"The fact is that the bill the president signed, which protected the AIG bonuses and others, was written behind closed doors by Democratic leaders of the House and Senate. There was no transparency," said Sen. Charles Grassley of Iowa, the senior Republican on the Senate Finance Committee.

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"President Barack Obama, who took office just under two months ago, told reporters Wednesday that his administration was not responsible for a lack of federal supervision of AIG that preceded the company's demise."

"But Obama added, 'The buck stops with me.'"

First he says "not responsible," then he says, "The buck stops with me."

Mr. Obama, if "the buck stopped with" you then you would have taken responsibility. That is what it means by "the buck stops here."

Also, what the heck do you mean "not responsible?!" You signed the bailout bill that kept AIG & the other huge "banks" from filing bankruptcy.

Basically, Washington is saying, "Here, save your company, but don't honor your legal contracts or take care of your employees."

But really, what do you expect from a President that doesn't want to take care of his country's military when they are injured protecting him & his freedoms. (Don't know what I'm talking about? Stay tooned. hehe Trust me, there is much more to come.)

I think it is crap that many of these guys/gals would take bonuses after what their institutions have gone though this last year, however, the government levying such taxes is criminal.

I applaud those that have chosen to give back their bonuses. I know I would be tempted to "take the money & run."

So, "CHEERS" to those returning the bonuses & "JEERS" to the government trying to control everyone & everything. This country is becoming more Orwellian every day, it seems.

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