But here's the Congress deciding to tax the AIG bonuses by 90 % and practically doing it overnight. Congress sure can act when they are riled up, not thinking reasonably, and when looking for revenge.
Now I believe those AIG employees SHOULD have refused those damn bonuses. (Oh and by the way, WHEN were those bonuses offered?) How do you accept money when you are being bailed out by the U.S. taxpayer? But I understand contracts and contract law and so does Obama and he thought there might be some real trouble if the bonuses were held back. He was probably right. But now we'll never know.
So to make sure we GET those guys who didn't have enough moral character to refuse the bonuses, the Congress comes up with this ridiculous plan. Listen, you don't legislate acts of revenge. You don't legislate to GET a group of people who acted within the law but foolishly and wrecklessly.
According to David Greising in the Chicago Tribune,
Congress could not achieve a bipartisan consensus while passing President Barack Obama's nearly $800 billion stimulus package, bailing out Detroit or helping struggling homeowners. But on the AIG bonuses, House Republicans clenched fists alongside House Democrats and voted a tax big enough to make the bonuses disappear.The 400 AIG people who accepted the bonuses shouldn't have that money. But the Congress is running the country, with the President, and WE shouldn't be acting WRECKLESSLY. I certainly hope the President does not accept this piece of legislation and tries to comes up with a better idea. If there is a better idea...