The House passed a bill on Thursday that would impose punishing taxes on big employee bonuses from firms bailed out by taxpayers.Democrats pressed for the quick action. "The American people demand protection and that's what we're doing today," said Rep. Charles Rangel, D-N.Y., chairman of the tax-writing House Ways and Means Committee.
A tax expert said there is plenty of precedent for levying punitive taxes on behavior that lawmakers find objectionable. Robert Willens, a corporate tax lawyer in New York, cited the steep excise taxes levied on money paid to firms to keep them from launching hostile takeover bids, known as "greenmail." "You can write very narrowly tailored laws," Willens said. "And they can do it for bonuses already paid."
Republicans as usual cried about the measure as was evident by Crying John Boehner who called it a political circus. I'm sure Limbaugh and Beck will tell their audiences that President Obama will be taxing right wing talk show hosts next.
And Chris Dodd was wrong in the way he handled the bonus issue. Everyone is blaming the economic team, but he should never have misled CNN and the public by declaring he had nothing to do with it. No matter what happened. He waffled his way through the questions Blitzer and Bash asked him about his flip flop. I'm sorry, that wasn't good. All he had to do was say he was looking into it when asked about it a few days ago. I like Chris Dodd a lot and I'm not blaming him personally for the problem, but he did not distinguish himself the last couple of days.
The House Democrats took a page out of Bill Frist's playbook, calling for an up or down vote on the legislation that passed in the Senate on New Years Eve: House Dem Leaders Call For Vote On Senate Fiscal Cliff Deal:
House Minority Leader Nancy Read more...
Bolstered by new polls and fresh off their vote to bar an increase in the nation's $14.3 trillion debt ceiling, House Republicans swaggered into the White House Wednesday for the latest negotiation to end their economic hostage taking. One, Read more...