AIG bonus checks may be taxed at up to 100%, says Sen. Chuck Schumer

[babylonsister]

AIG bonus checks may be taxed at up to 100%, says Sen. Chuck Schumer

BY Helen Kennedy
DAILY NEWS STAFF WRITER

Tuesday, March 17th 2009, 12:39 PM


Hey AIG swells: don't get too attached to your fat bonus checks. Congress is coming to snatch them back.

If AIG execs won't return their $450 million in bonuses, lawmakers threatened Tuesday to pass a special new law taxing the payouts at anywhere from 60% to 100%.

"They should voluntarily return them. If they don't, we plan to tax virtually all of it," New York Sen. Chuck Schumer declared in a speech on the Senate floor.

"To those of you getting these bonuses: be forewarned, you will not be getting to keep them."

Schumer called it "Alice in Wonderland business practices" to give bonuses to executives at a firm that lost nearly $100 billion last year and had to be rescued with $170 billion in taxpayer money.

"It boggles the mind," he said.

Rep. Carolyn Maloney (D-N.Y.), head of the Joint Economic Committee, is introducing legislation to apply such a tax.

"Remember, we as a Congress are not defenseless," Senate Majority Leader Harry Reid (D-Nev.) told colleagues in a floor speech.

more...

http://www.nydailynews.com/money/2009/03/17/2009-03-17_aig_bonus_checks_may_be_taxed_at_up_to_1.html

[ShortnFiery]

1. Cool! Let's do it Chuck? :-) n/t

[Nicholas D Wolfwood]

2. Well, it certainly is one way to get Congress back into the hearts of the masses.

I wonder if it's possible to narrowly tailor such a bill that would not have vastly unintended consequences and yet still pass the muster of a Supreme Court challenge.

Then again, I'm not so sure that's a concern at this point - it might do just as a PR move.

[960]

3. Awesome! Let's DO THIS and not just talk about it until it's out of the headlines.

I am VERY PROUD of Obama for his stance on this issue, and hopes he follows through and works with congress to do everything possible to get OUR money back from these crooks.

[ayeshahaqqiqa]

4. yes!

But make it 100% or MORE.

[burythehatchet]

5. fuck chuck

[TheCoxwain]

7. that rhymes !!!

[burythehatchet]

8. the full rhyme is

fuck chuck the AIPAC schmuck

[Jackpine Radical]

10. There must be something wrong with you.

I always seem to agree with you.

[burythehatchet]

12. likewise, my friend

:toast:

[Jackpine Radical]

13. Well, hell, I KNOW there's something wrong with me.

Years ago I faced a difficult choice:

Go to a psychologist and have my problems fixed, or
become one and have the problems excused.
The latter seemed to be the cheaper alternative.

[burythehatchet]

14. Well, I have spent many years being introspective and finally arrived at a simple conclusion

If a person is well adjusted in a completely batshit insane world, then that person is clearly insane.

If a person is considered a lunatic in the same world, then he is probably a clear-thinking fellow.

That's my story and I'm sticking to it.

[chimpymustgo]

16. Deal me in.

[goforit]

6. Now that is creative taxation.

[WI_DEM]

9. Good!

[hamsterjill]

11. I hope they're not defenseless

But can they actually DO this? Can Congress actually pass something that taxes just those bonuses?

Serious question - because I would love to see that happen. I hope this isn't simply political rhetoric.

[On the Road]

20. It Sounds Like Either a Taking

or a Bill of Attainder

which by definition are unconstitutional.

[MindPilot]

15. I can see it in TurboTax...

"Did you receive a bonus or other excessive compensation from AIG?"

[nilram]

17. Excellent! LOL (nt)

[aquamarina]

18. Stop threatening and just do it already.

We are so way past threats. It's time to put up or shut up - and that means you Harry Reid.

[trashcanistanista]

19. They shoud be taxed at 150%.

At least we should make a litte money off of the crooked bastards and use it as a deterrant for the rest of them thinking the same thing.

[tritsofme]

21. Very fine line before it is an unconstitutional Bill of Attainder

I hope they craft a very comprehensive bill keeping this in mind.

If the pols pass a bill like this, hold hands and sing,and tell us how great they are, it won't have meant anything unless it can pass the muster of the courts.