Friday, March 20, 2009

Bonus takeaway?

I think the bonuses handed out at some of these failing companies like Fannie, Freddie and AIG was in poor taste but i don't think the government should pass legislation that specifically goes after the bonuses with a 90 percent tax (don't worry, state and local taxes should recoup the other 10 percent). It seems like it's setting a dangerous precedent. It says to me that if the government doesn't like how much someone gets paid they can specifically go after the person. This isn't a tax on all people who got a bonus. No no, it is a tax on some of the companies that received bailout money and some of them that paid out large bonuses.

I don't like this whole "do-over" mentality we are seeing from the government. They should be forced to deal with the repercussions of their hastily put together bailouts, regulations and laws. While it's completely unrelated i see a small connection with the Patriot Act which was unanimously passed after 9/11.

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