Thursday, March 19, 2009

Be careful who you make mad because they might just pass a law to get even……

The intent of the founding fathers when they wrote the Constitution was to lay a foundation for a limited federal government that supported individual freedom, liberty and the pursuit of happiness. The government was supposed to provide defense, infrastructure, currency and foreign relations. The states were to provide the next level of government and were afforded states’ rights to assure local control.

In the last century the federal branch of the United States government and the politicians elected to represent it have increasingly turned their back on the Constitution that they are sworn to uphold. While this trend has been gathering steam for years, the new Congress and the new administration has put the pedal to the metal.

Today, we witnessed one of the scariest abuses of power by the federal government in recent memory………….

(AP) WASHINGTON – Denouncing a "squandering of the people's money," lawmakers voted decisively Thursday to impose a 90 percent tax on millions of dollars in employee bonuses paid by troubled insurance giant AIG and other bailed-out companies. The House vote was 328-93. Similar legislation has been introduced in the Senate and President Barack Obama quickly signaled general support for the concept. "I look forward to receiving a final product that will serve as a strong signal to the executives who run these firms that such compensation will not be tolerated," the president said in a statement.

The bill would impose a 90 percent tax on bonuses given to employees with family incomes above $250,000 at American International Group and other companies that have received at least $5 billion in government bailout money. It would apply to any such bonuses issued since Dec. 31.

"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.

House Speaker Nancy Pelosi, D-CA, told colleagues, "We want our money back now for the taxpayers. It isn't that complicated."

Really! I happen to think it is very complicated. I understand why people might not like the payment of these bonuses but making tax law after the fact to punish the recipients as opposed to making the appropriate stipulations prior to handing out the TARP money seems very un-American. Besides if the household income level to which the 90% tax rate applies is only $250,000, then a lot of people being punished are not the executives this punitive action was intended for. There is also the small matter of if the bonuses are part of a legally binding compensation agreement like it or not the employees are entitled to them. Is this the kind of new accountability and transparency the Obama administration promised us?

Rep. Devin Nunes, R-Calif., blamed his fellow lawmakers for the AIG bonus controversy. "Unlike many of my colleagues, I didn't vote for the bailout that made this outrage possible," he said. "And I didn't vote for the disastrous spending bill Democrats called "stimulus" that explicitly authorized these bonuses. "Make no mistake. Today's vote is a farce," he added. "It is a paper-thin fig leaf being hastily thrown together to cover up the fact that Congress, under Democrat leadership, handed over hundreds of billions of dollars to the executive branch of government -- with no strings attached."

What is most disturbing is that we now have a Congress that is willing to make a law to punish a group that they are mad at. Political posturing and mob mentality are now on full display in the halls of Congress.

If they get away with this … what’s next?

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