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In another installment of corruption in politics, House Democrats are rushing to push another tax law through the system and down the throats of AIG exec's. What will be debated is unlike anything that has ever been proposed in Congress.
Democrats rushed a bill to the House floor on Thursday to 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. A vote was expected later Thursday.
"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.
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."
Obama said his administration was consulting with Congress on creating a new "resolution authority" to seize giant institutions like AIG - including all their toxic assets - whose collapse in normal bankruptcy could cause calamity in the financial markets.
Republicans have pointed their criticism at Treasury Secretary Timothy Geithner, questioning how much he know about the bonuses in advance and efforts by the administration to stop them. And they complained anew about being locked out of discussions earlier this year when Democrats decided to jettison a provision in the economic stimulus bill that would have revoked the payments.
"Seize giant institutions?" How is that even legal under the Constitution? By that rationale, the Democrats in the House, who currently hold enormous power, can decide which companies get taxed, how much and which employees will bear the burden. For example, if the "resolution authority" decides they don't like talk radio hosts, specific newspaper editors or organizations who don't contribute to their reelection campaigns, they can tax them at a higher rate, in this case 90%.
This bill is the ultimate in corruption in politics. If passed, it sets a precedent with our corrupted leaders that they can do whatever they want and no one will stop them.
Republicans are legitimately angry and feel as though their hands are tied, unable to battle the Master of the House, Nancy Pelosi, who seems to have complete control over which bills are written, passed and made public. With the help of her Senate counterpart Harry Reid, Pelosi has been able to cram the stimulus bill and the omnibus bill through with closed door meetings and little or no debate.
Also from the AP:
Republicans have pointed their criticism at Treasury Secretary Timothy Geithner, questioning how much he know about the bonuses in advance and efforts by the administration to stop them. And they complained anew about being locked out of discussions earlier this year when Democrats decided to jettison a provision in the economic stimulus bill that would have revoked the payments.
"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.
This bill must be stopped. The Constitution is clear about government involvement in business and our lawmakers, those who took an oath to uphold the Constitution, are spitting in the eye of our founding fathers.
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