Congress and the 90% Corporate Bonus Tax
A bill of attainder (also known as an act or writ of attainder) is an act of the legislature declaring a person or group of persons guilty of some crime and punishing them without benefit of a trial. Bills of attainder are forbidden by Article I, section 9, clause 3 of the United States Constitution.
What does that mean? I means that congress is not to target any one group, nor can they punish any one group, without due process of law, i.e. taking them to court and having them go through a trial to reach a verdict for or against them. Therefore the 90% tax on bonuses is completely unconstitutional. They would have to tax every business in the country, including non-corporations. Yet, in the frenzy of the “get wallstreet” atmosphere, they have gone on the talk circuit to get countrywide support for their bill to tax wallstreet bonuses 90%.
It is a punishment, in its fullest, for the compensation of an agent / employee of the business. They literally are asserting themselves in the middle of the relationship of the employee and the company. Notice that the payroll tax is general and is carried out by both employee and employer, both sides pay the payroll tax, which most people don’t know. This would insert itself directly to wallstreet corporate agents to make them liable if they receive a bonus of some certain amount.
If they can do it here, that means the entire country is open to be taxed to death.
And, it seems they are headed that way. This year 2013, there is no 0% tax bracket for those making less than $10,000. That is dangerous territory. Who are the people making under $10,000 supporting? They can’t support themselves.
For all the activists for the “poor”, no one has spoken up about this. These activists normally support Obama. Now he has done something squarely against their agenda.
Will they react? Will they come out against him? Doubtful!
Certainly they are not going to go against taxing corporate wallstreet bonuses, which they should. And, they will not come out against taxing the poor.