Here They Go...

It's official. Mob rule has won over the hearts of Congress. People demand justice without knowing all the facts, and Congress answers by attempting to pass a resolution to fix their last boo-boo. Here's the link.

[Update: Not sure what happened, but there was a newer, shinier bill that they actually voted on. Here it is.]

From what I understand, Congress is set to vote on a resolution (HR1572 HR1586). It's not yet on their site, but don't worry; I'm sure it'll be there for 5 days for us to review. Oh wait..they're VOTING today...got it.

Anyway, the purpose is "To amend the Internal Revenue Code of 1986 to impose a 90 percent tax on bonuses paid by business that receive TARP assistance." Eh? What's that? They're going to revise the 1986 code to include TARP verbiage?? TARP didn't even exist until last Fall!!

[Update: The newer bill's text is actually To impose an additional tax on bonuses received from certain TARP recipients]

Let's review (from perspective of Congress):

AIG is in trouble - oh crap - let's save them (buy them).

Done.

Uh oh! Stimulus needed! But let's rethink that bailout stuff from last year. Y'know, not allow bonuses or extra stuff until they pay us back (the People will love that...)

Done.

Well, on second thought, let's not be too hasty. We'll say it only applies to bonuses after...uh...say...Feb 11.

Done.

Crap!! They're mad at those bonuses we protected! What do we do? Oh yeah, we're THE FRICKIN U.S. GOVERNMENT!! We can do anything! Let's get mad too! Let's tax the hell out of them! Say...100%? 1000%? Nah - we'll let them keep a bit. We'll say 90%. Besides, the state and local governments will probably take care of the other 10%. (Thank you, Mr. Rangel)

Done.

Hundred bucks says they're not "done".

Ooops - I mean 10 bucks, after taxes.