Thursday, March 19, 2009

Inelegant, But A Step In The Right Direction

WASHINGTON - Acting swiftly, the Democratic-led House approved a bill Thursday to slap punishing taxes on big employee bonuses at firms bailed out by taxpayers.

The bill would impose a 90 percent tax on bonuses given to employees with family incomes above $250,000 at American International Group and other companies that have received at least $5 billion in government bailout money.

"We want our money back now for the taxpayers," House Speaker Nancy Pelosi said.
Of course, ideally they should have blocked the bonuses in the first place; and the gesture is probably hollow because the senate will water it down to the point of inffectualism. But then again, the issue is more smoke than fire. And I understand 50% of the Republicans voted for it, so they can't take too much umbrage. On the whole, effective show governance. Quiet applause for all concerned.

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