The 90% Axis Powers Tax

The Obama - Pelosi - Reid Axis Powers combined and voted a 90% retroactive tax on the bonuses of employees earning more than $250,000 who work for firms receiving more than $5 billion in Federal bailout money. Some of these companies were basically forced by the government to take bailout money, even many which were in no danger of failing. Others were failing companies which should have been allowed to go bankrupt, which would have terminated the contracts that required the failing companies to pay out the bonuses now being paid out. Obama, Geithner, Chris Dodd, Pelosi, and many others in the Democrat administration and Congress were well aware of these bonuses, but pretended they were not. They were caught in this transparent lie. They had foolishly circumvented the system long established for dealing with failing companies whose management had proven that they did not warrent bonuses, benefits, and other remuneration they would have had by contract if they had done their jobs well. Bankruptcy properly terminates such contracts as now have to be honored, though that is clearly unfair to the taxpayers.

The government is clearly incapable of running these companies and should clearly have stayed out of their business. The more healthy companies have learned now just how critical it is to try to get out from under the smothering, oppressive weight of the government. Those that would have squeaked through the banking problems without government help are now likely to fail as they lose all of their best employees. No capable manager will tolerate working under the oppressive, mean-spirited dictatorship of this government.

Legislation applied to prior events is clearly unconstitutional, yet this is not the first time that retroactive laws have been allowed to stand despite that fact. The Supreme Court does not enforce the Constitution's limits on the power of the Federal government and neither the Congress or the President take their oaths of office to uphold the Constitution at all seriously. Our politicians are very rarely men of principle.