19 March 2009

Your Bonus? I'll Take That (Back).

From Raw Story today, David Edwards and Rachel Oswald bring us news that Ron Paul has called HR 1598, the bill that proposes a 90% tax on the AIG bonuses "an 'outrage' and unconstitutional."

I understand his point, which is that this is all posturing on the part of the Congress--sort of polishing the brass on the Titanic. No doubt what the Congress is doing is the politically safe move, and in the sort of hyper-campaigning climate that we see, I don't begrudge them the safe move.

While I don't agree with Paul's reasons, I do agree with his overall claim that this is a bad idea. To my mind, it sets a dangerous precedent for the government to create a tax to recoup money that--unwisely or not--it gave away.

I don't want those jerks to keep their money, either, but I feel even less comfortable with a government that can take what it wants in some backdoor manner like inventing new taxes. I say let the execs have their money, but since we own a goodly portion of AIG, we should just can them and make sure they never work for us again.

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