90% Tax! I Dont Care How Mad We Are, There is STILL a Constitution!!

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Mortgage and Lending with First Time Home Buyers, Pre-approvals, Fixed Rates 172223

This has to be the ultimate "two wrongs dont make a right" scenario!  Did I say "Two Wrongs"?  I've lost track to how many wrongs it's taken to get here! 

In an attempt to withhold the $165 Million in bonuses for AIG, Congress has decided to pass legislation allowing them to TAX those bonuses at a rate of 90%!  What?!?  Ok, maybe you have an ethical issue with AIG...fine.  But there is a more SERIOUS ethical issue with rushing legislation against one particular group of people and doing and end run around the constitution for one reason...we're mad. 

I dont like the bonuses.  Hell, I dont like the bailouts.  But this is actually kind of scary, and an egregious abuse of power.

It's almost hard to remember how we got to this point, but this is NOT the answer.  Those AIG employees who got taxed will end up in court in a heartbeat.  And although no one wants to see them get paid, its overall in every ones best interests to see the courts rule in their favor. 

This is NO way to win this fight.

 

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Rainmaker
453,501
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Congress is hoping the folks back home will appreciate this measure--even though it will never stand--and cause them to overlook the fact that CONGRESS is the reason we're in this mess.

March 20, 2009 01:17 PM #1
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

First the AIG executive retention bonuses.  Then. . . . . 

What happened?  Did Congress abrogate due process???

This is a slippery slope.  If Congress succeeds in this, there will be no stopping them stepping all over our civil rights anywhere, anytime, anyway.

I have never been so apprehensive about the federal government stepping on our individual rights in the name of "change", when what they mean is power, redistribution of income and exponential growth of government. 

March 20, 2009 01:33 PM #2
Rainer
2,324
Christopher Lotte
Lottes of Leads - Columbus, OH

If you are going to step on the constitution, I would much rather see it done trying to get money back than things like Guantanamo Bay or illegal wire tapping...I am sure it will get overturned by the supreme court, and in the mean time, lets have those getting the bonuses sweat a little...

March 20, 2009 01:52 PM #3
Ambassador
597,458
Roland Woodworth
Keller Williams Realty - Clarksville, TN
Short Sale and Foreclosure Resource- SFR - Clarksv

OK. I can see this is going to get heated.. I'm parking to see what happens next.

March 22, 2009 12:47 PM #4
Rainer
147,546
Don Spera
CR Property Group, LLC - East York, PA
Serving York and Adams County, PA

I personally have major issues as well with the government.  As long as their are two aisles, left or right, conservative or not, our country is going to hell in a hand basket.  I pity our future generations.

July 06, 2010 08:48 AM #5
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Rainer
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Chad McDowell

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