The Ol’ Curmudgeon and I were talking. Actually, he was ranting and I was listening. The topic was politics – of course!
“Where,” he asked rhetorically, “is the outrage over Congress abrogating the Constitution?” The thing is, the First Article of the Constitution has just been trashed!
I’m a little wobbly on the various Articles and what they imply, so I started looking things up. U.S. Constitution Online has good information that is fairly understandable.
The First Article (not to be confused with the First Amendment) deals with a number of things. One of those things (Section 9) is that Congress cannot pass an “ex post facto” law – a law that is retroactive.
So the law going through Congress to retroactively tax the bonuses of people at AIG and other corporations receiving TARP bailout funding is totally UNCONSTITUTIONAL! I’m outraged!! I just hope that someone “gets it” and files suit in the Federal Courts against it.
Do I think those bonuses (which are actually part of the salary structure) are obscene? Yes.
Do I think it is the job of the Federal Government to determine the salaries of executives? No.
The thing about this is that it opens the door to retroactive taxation for all of us! How about re-taxing your income from 2007 at a higher rate? How about re-taxing your income from 2003 at a higher rate? That is exactly what this current action is opening the door for!
So WHERE IS THE OUTRAGE?!?!?!