90% tax rate has got to be unconstitutional

**guest002** · 03-20-2009, 12:13 AM

http://www.businessinsider.com/obama...ax-rate-2009-3

**Greebo** · 03-20-2009, 08:27 AM

90% tax rate has got to be unconstitutional

Retroactive laws are, IIRC.

**rainbowgc** · 03-20-2009, 08:39 AM

I just don't know what to say. Our country is in big trouble and we are giving bonus's to people who got us in this mess. On the other hand a 90%
tax doesn't seem right either. Did anyone catch that the bonus's went to people working or AIG in the FP division? I can only guess to what the FP stands for!

**Greebo** · 03-20-2009, 08:45 AM

Originally Posted by rainbowgc

I just don't know what to say. Our country is in big trouble and we are giving bonus's to people who got us in this mess.

Had AIG gone bankrupt, their contracts with their executives would have been nullified in receivership. Bankruptcy, contrary to popular misconception, does not mean "the business evaporates". AIG would still exist, and the courts would have evaluated what AIG should do to restructure.

Instead, we bailed them out in a hurry without careful consideration. Since we bailed them out and did not limit the uses of the bailout money, and since AIG was still bound by its contracts, the bonuses had to be paid.

**CrazyCat** · 03-20-2009, 08:54 AM

Greebo.....That's just NOT right~Y/K? I'm not sure who I blame the most....AIG or the goverment for handing out money without restrictions on how it could be used. ~UNBELIEVABLE~

It's going to get worse before it gets better. I don't think we've hit bottom yet.

**VanVivCam** · 03-20-2009, 09:00 AM

I think is it VERY scary that our government pushed through this tax on the AIG bonuses. What if they decide that I (we) make too much money and start taxing that at 90%?

These times and bad!

**Greebo** · 03-20-2009, 09:07 AM

Originally Posted by CrazyCat

Greebo.....That's just NOT right~Y/K? I'm not sure who I blame the most....AIG or the goverment for handing out money without restrictions on how it could be used.

According to Senator Dodd, the bonuses would NOT have been paid, except Obama Administration asked that language be inserted into the bailout that removed such restrictions.

I dunno if its true or not, but Dodd is blaming Obama. That amuses me.

**Greebo** · 03-20-2009, 09:08 AM

Originally Posted by VanVivCam

I think is it VERY scary that our government pushed through this tax on the AIG bonuses. What if they decide that I (we) make too much money and start taxing that at 90%?

Retroactively, no less...

**brennasmom** · 03-20-2009, 09:43 AM

Why aren't they just forced to give the bonuses back?

**Greebo** · 03-20-2009, 09:54 AM

Originally Posted by brennasmom

Why aren't they just forced to give the bonuses back?

By what right would they do that?

If I hand you $100, no strings attached, and use $80 to pay a credit card bill, and I didn't approve, would I be right to demand the $80 back?

These bonuses are contractual obligations by AIG to their scum sucking executives. The fact that they *are* scum sucking executives does not justify simply nullifying contract law because we don't like the result.

**Parksfamily5** · 03-20-2009, 11:41 AM

I think they shouldn't have recieved the bonus but it is our Goverments fault that they did. I definitely don't agree with retro taxing them. That just opens the door for the goverment to do this to any group that they want. The goverment screwed up on this one and hopefully they will learn going forward since it is too late now.

**Gardengal18** · 03-20-2009, 11:47 AM

They are unconstitutional. You can't target a specific "group" Geitner, Sumners (sp?), Dodd and yes, even Obama KNEW last year about the Amendment that was "snuck in" that allowed this to happen. Obama can keep his Academy Award Performance The smart, intelligent people are not buying his BS routine. And get ready folks Freddy and Fannie are going to be giving out their Bonuses next I guess they will all feign "surprise" and "shock" then too.

**Gardengal18** · 03-20-2009, 11:52 AM

And while the country was all taken up with this AIG thing that THEY allowed, what was the "other hand doing" Anyone hear about how the Fed bought the Debt? How they plan to stick certain things that should be voted on into the next "deal" they make behind closed doors? How they expect our Veterans to pay for their own medical care for injuries they sustained while in the Armed Services.....what a diversionary tactic these guys have pulled yes indeedy. Talk about Wag the Dog

**brennasmom** · 03-20-2009, 11:54 AM

By what right would they do that?

If you had given me $100 to be used for a specific purpose (bailout for AIG) then I definantly think I would be obligated to give it back if I used it for a new pair of shoes instead (big fat bonuses).

The money was not used as it was intended.

**Gardengal18** · 03-20-2009, 12:00 PM

brenna, perhaps you missed it. They, being the GOVT. allowed them to pay these bonuses via the "Dodd Amendment" that they stuck in there and that YES, they were all aware of it. Dodd admitted to it, Geitner admitted it from what I hear yesterday and even Obama knew about it although he will lie through his teeth that he didn't. Either he's a bold faced liar or not as smart as people try to claim he is. My money is on that he did indeed know and won't fess up