Congress & Obama to Approve 100% Tax on Bonuses Received by Employees of Bailed Out Companies

March 17th, 2009 | Author: brettbum

Washington DC almost ground to a halt this week as Congress and President Obama railed against the injustice of AIG paying $165 million in bonuses to employees as allowed by the legislation that Congress and President Obama had signed.

“Its not fair. We didn’t read that trillion dollar bailout legislation. How were we supposed to know there was a ‘previous contracts safe harbor clause’ in the bill as requested by the Treasury Department?” bemoaned both Democrat and Republican Congress people in both the House and the Senate.

Fortunately, Congress and the President were almost literally saved from themselves by a rising star in the economic advisory team of the Obama administration, who was just recently paroled from a prison sentence for not carrying the proper identification at a DC hospital. Under Secretary of Economic Stimulus, Relief, Recovery and Credit Card Debt Elimination Nhat Shooeur has proposed a solution that seems to have finally put this problem to rest. Under Shooeur’s plan the government will institute a new tax on bonus earnings.

The legislation is on a fast track in the Senate and in the House, and the President has already indicated that he will sign this bill in a heart beat.

“Hand it to me now, I’ll sign it and we can all read it next week.” stated President Obama, “There is no time to waste. We have to get our country back on track, and we can’t do it without this last $165 million. Let’s face it we’re broke if we don’t.”

The legislation is seen as simple, elegant and unprecedented. It would impose a tax of 100% on any bonus or contract payment received by a person or entity from a company, person or entity that has received any bailout money from the United States Government in the last 5 years. Note the 5 year term qualifies the bailout money, but the tax can only be levied against money received after the bill goes into law, which is currently slated for one minute after midnight on March 31, 2009.

Under this example, AIG would qualify as a bailout receiving entity. So would most of the airline industry, and the auto industry. Any employee or contracting company that receives a bonus or contractual payment from those qualifying companies would then have to pay a tax of 100% on those funds.

Critics of the legislation claim that this legislation could enable the government to impose a 100% tax on any American or company that has received a stimulus payment from the United States government. That is actually a very large number of Americans as stimulus payments were initially sent out under the Bush Administration multiple times.

Press Secretary Gibbs said today that the critics must belong to some evil cabal trying to discredit the finances of the United States. “Hello, We’re richer than Fort Knox! Hell we own Fort Knox.” A savvy reporter did follow up asking, “Is it true that the Chinese government holds a mortgage against Fort Knox?” To Which Gibbs replied, “Phhhhht! You don’t think we care about the Chinese do you? I’m out of here. Time to head back to the Oval office and work on the new green burning fuel project that we have cooking up. We’re smoking marijuana wrapped in hundred dollar bills.”

Congress & Obama to Approve 100% Tax on Bonuses Received by Employees of Bailed Out Companies

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