Thursday, December 17, 2009

And a commenter will lead them

In a display of populist pique, the Boston Globe decided that – gosh darn it – we should take those bonuses away from the bankers: "Go ahead, tax these bonuses."

So a tax on bonuses at US banks would simply give back to taxpayers some of the money they have donated to the banks. That crack of the whip might also caution the banks against another speculative spree, encouraging the pursuit of long-term stability in place of short-term bonanzas. A bonus tax is not a cure-all for the banks’ vices, but it will do no harm and may do some good.
It took exactly one comment for somebody to school the Globe on that thing we call "the Law"

Well, Globe, there is just one problem with your suggestion. It's called the Constitution of the United States which prohibits bills of attainder.
Nice try.


Bram said...

I don't get it. Would the 50% be on top of the 40% my wife and I already pay on our bonuses?

We have reached the point of not being motivated in the least to work harder for raises or bonuses. Not that we are rich - but it's just not worth working long hours and traveling regularly when I only get to keep half my raise.

Rubbing Galt in our wounds said...

Hey, remember when the top tax rate was 91%? For over a decade?

And remember when we lost all our hardest, most productive workers because of it? Drove 'em right out of society, we did.

Man, that was an economic disaster for America. Unfortunately, those who don't learn from history are doomed to repeat it.