Friday, March 20, 2009

'Bonus Tax' On AIG Nothing But A Smokescreen

Besides most likely being unconstitutional, it isn't going to pass congress and get Obama's signature. It is merely a way for the Washington insiders on both sides of the aisle to echo Main Street's outrage. It clearly demonstrates why America is in such dire straits...we have no leaders in Washington; only career politicians who follow public opinion polls in order to remain in office.

It's also instructive to note that Nancy Pelosi said, "We want our money back." Hey, Nancy, it's not your money, it's the taxpayer's money, and all of you in congress are primarily responsible for the payouts. You have conveniently forgotten that you rushed a 1,000-page bill through the House that nobody had time to read so that you could fly to Europe to meet with the Pope. In that bill was the language that created this furor....

Thursday, March 19, 2009

WASHINGTON – The Democratic-led House overwhelmingly approved a bill on Thursday to slap punishing taxes on big employee bonuses from AIG and other firms bailed out by taxpayers. The vote was 328-93. "We want our money back and we want our money back now for the taxpayers," said House Speaker Nancy Pelosi, D-Calif.

The bonuses, totaling $165 million, were paid to employees of troubled insurer American International Group, including to traders in the unit that nearly brought about the company's collapse.

In all, 243 Democrats and 85 Republicans voted "yes" on the bill. It was opposed by six Democrats and 87 Republicans.

The margin of victory came despite sharp Republican attacks calling the legislation a legally questionable ploy to paper over Obama administration missteps.

Minority Leader John Boehner, R-Ohio, said the bill was "a political circus" diverting attention from why the administration hadn't done more to block the bonuses before they were paid.

However, although a number of Republicans cast "no" votes against the measure at first, there was a heavy GOP migration to the "yes" side in the closing moments.

© 2009 Associated Press. All Rights Reserved.

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