Latest In

Breaking News

Congress’ 90 Percent Bonus Tax Is Probably Legal

For those who’ve been wondering whether Congress can really just vent its anger at those $165 million in AIG bonuses by levying a 90 percent tax on the bonuses

Jul 31, 2020
104.5K Shares
3.3M Views
For those who’ve been wondering whether Congress can really just vent its anger at those $165 million in AIG bonusesby levying a 90 percent taxon the bonuses of all executives who receive bailout money, the answer is: probably, yes.
The Los Angeles Timesreports that legal experts agree that the bill that passed the House on Friday would probably not be considered a bill of attainder, which is essentially a law that singles out one group for punishment and is prohibited by the Constitution. It’s probably not an ex post factolaw either, which retroactively punishes actions that were lawful when they were committed.
“The Supreme Court has limited those provisions to laws that ‘inflict punishment,’ mostly in the criminal arena,” writes The Times’ David Savage.
While it may feel like punishment to all those corporate executives accustomed to multi-million-dollar bonuses, tax laws are technically not punitive, and legal experts say they’re rarely struck down as unconstitutional.
Dexter Cooke

Dexter Cooke

Reviewer
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide. He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina. Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations. As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all. Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
Latest Articles
Popular Articles