{"id":1730,"date":"2009-03-20T23:00:07","date_gmt":"2009-03-21T03:00:07","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=1730"},"modified":"2009-03-20T23:16:36","modified_gmt":"2009-03-21T03:16:36","slug":"the-last-grownup-john-kyl-puts-the-breaks-on-rush-to-tax-aig-bonuses","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/03\/20\/the-last-grownup-john-kyl-puts-the-breaks-on-rush-to-tax-aig-bonuses\/","title":{"rendered":"The last Grownup: John Kyl Puts the Breaks on Rush to Tax AIG Bonuses"},"content":{"rendered":"<p>We got into this mess because Congress and the administration rushed through the Stimulus bill without sufficient time for legislators to review and debate the bill. Now Congress is trying to compound one set of mistakes with another by rushing through a bill to tax the retention bonuses paid to AIG employees. Fortunately there&#8217;s at least one grownup <a href=\"http:\/\/news.yahoo.com\/s\/ap\/20090320\/ap_on_go_co\/aig_bonuses\" target=\"_blank\">left on capitol hill<\/a>:<\/p>\n<blockquote><p>Sen. Jon Kyl, the Republicans\u2019 vote counter, blocked Democratic efforts Thursday evening to bring up the Senate version of the tax bill to recoup most of the $165 million paid out by AIG last weekend and other bonuses in 2009. The House had swiftly approved its version of the bill earlier in the day.<\/p>\n<p>By rushing, Kyl said, Democrats were letting populist outrage trump informed decision making in the Senate, which is supposed to be insulated from the pressures of public passion.<\/p>\n<p>\u201cI don\u2019t believe that Congress should rush to pass yet another piece of hastily crafted legislation in this very toxic atmosphere, at least without understanding the facts and the potential unintended consequences,\u201d Kyl said on the Senate floor. \u201cFrankly, I think that\u2019s how we got into the current mess.&#8221;<\/p>\n<h3 style=\"text-align: center;\">~ ~ ~<\/h3>\n<p>How to impose those taxes without running afoul of the Constitution or the law is a dispute that has Republicans urging a go-slow approach. Doing so, of course, would drag out the Democratic discomfort over administration missteps and provide plenty of time for the GOP and others to question Geithner\u2019s performance.<\/p><\/blockquote>\n<p>Bravo Zulus for Senator Kyl, Congress needs to slow down, cool off and think this through before they pass a bill that has unintended consequences.<\/p>\n<p><strong>Related<\/strong><\/p>\n<ul>\n<li><a href=\"http:\/\/www.latimes.com\/business\/la-fi-countrywide20-2009mar20,0,6229456.story\" target=\"_blank\">Countrywide sues AIG unit over its failure to cover loan losses<\/a> &#8211; Los Angeles Times<\/li>\n<li><a href=\"http:\/\/www.dailymail.co.uk\/news\/worldnews\/article-1163328\/Dont-wear-says-AIG-Insurer-gives-employees-security-tips-fury-bonuses-grows.html?ITO=1490\" target=\"_blank\">&#8216;Don&#8217;t wear anything that says AIG on it&#8217;: Under-fire insurer gives employees security tips as fury over bonuses grows<\/a> &#8211; Daily Mail<\/li>\n<li> <a href=\"http:\/\/news.yahoo.com\/s\/ap\/20090320\/ap_on_re_us\/aig_outrage_security\" target=\"_blank\">AIG bonus outrage has employees living in fear<\/a> &#8211; Associated Press<\/li>\n<li><a href=\"http:\/\/www.ft.com\/cms\/s\/0\/4ff2f77e-1584-11de-b9a9-0000779fd2ac.html?nclick_check=1\" target=\"_blank\">Banker fury over tax \u2018witch-hunt\u2019<\/a> &#8211; Financial Times<\/li>\n<li><a href=\"http:\/\/hotair.com\/archives\/2009\/03\/20\/sanity-kyl-blocks-bill-on-aig-bonuses-to-give-senate-time-to-think-things-over\/\" target=\"_blank\">Sanity: Kyl blocks bill on AIG bonuses to give Senate time to think things over<\/a> &#8211; Hot Air<\/li>\n<li><a href=\"http:\/\/wizbangblog.com\/content\/2009\/03\/20\/an-adult-steps-up-and-takes-control.php\" target=\"_blank\">An Adult Steps up and Takes Control<\/a> &#8211; Wizbang<\/li>\n<li><a href=\"http:\/\/www.powerlineblog.com\/archives\/2009\/03\/023129.php\" target=\"_blank\">Are We A Banana Republic?<\/a> &#8211; Powerline<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>We got into this mess because Congress and the administration rushed through the Stimulus bill without sufficient time for legislators to review and debate the bill. Now Congress is trying to compound one set of mistakes with another by rushing through a bill to tax the retention bonuses paid to AIG employees. Fortunately there&#8217;s at [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7],"tags":[128,521,531,185],"class_list":{"0":"post-1730","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-politics","7":"tag-aig","8":"tag-bonuses","9":"tag-john-kyl","10":"tag-senate","11":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-rU","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1775,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/03\/23\/unintended-consequences-aig-bonus-tax-could-have-painful-side-effects\/","url_meta":{"origin":1730,"position":0},"title":"Unintended Consequences: AIG Bonus Tax Could Have Painful Side Effects","author":"Jeff","date":"March 23, 2009","format":false,"excerpt":"Haste makes waste my grandmother used to say... When it comes to legislation haste often leads to unintended consequences. Take for example congresses rush to pass a 90 percent tax on the retention bonuses paid to executives at AIG (emphasis mine): Lawmakers bellowed with outrage last week following revelations that\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1695,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/03\/17\/the-hits-keep-coming-chris-dodd-was-for-aig-bonuses-before-we-was-against-them\/","url_meta":{"origin":1730,"position":1},"title":"The Hits Keep Coming: Chris Dodd Was For AIG Bonuses Before He Was Against Them","author":"Jeff","date":"March 17, 2009","format":false,"excerpt":"From Fox Business (emphasis mine): Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.9194, 0.1393, 17.86%) bonus recipients so the government could recoup some or all of the $450 million the company is paying to employees in its financial products unit. Within\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1708,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/03\/19\/congressman-mccotter-slams-stimulus-yes-voters-for-protecting-aig-executive-bonuses\/","url_meta":{"origin":1730,"position":2},"title":"Congressman McCotter Slams Stimulus &#8220;Yes&#8221; Voters for Protecting AIG Executive Bonuses","author":"Jeff","date":"March 19, 2009","format":false,"excerpt":"I'm about ready to make Rep. Thaddeus McCotter of Michigan my adopted Congressman: \"Facts are hard things to disprove.\u00a0 Every single Democrat in this House that voted for that bill voted to approve and protect those AIG bonuses.\u00a0 Every single Democrat in the Senate that voted for that stimulus bill,\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1700,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/03\/19\/chris-dodd-was-against-aigs-bonuses-before-he-was-for-them\/","url_meta":{"origin":1730,"position":3},"title":"Chris Dodd Was Against AIG&#8217;s Bonuses Before He Was For Them???","author":"Jeff","date":"March 19, 2009","format":false,"excerpt":"It's getting so you can't follow the twist and turns in the AIG retantion bonus kerfufle without a map... It now looks like Chris Dodd was against the bonuses before he was for them but now he's against them: For a while, the disappearance of an executive bonus restriction from\u2026","rel":"","context":"In &quot;Politics&quot;","block_context":{"text":"Politics","link":"https:\/\/www.jasetaro.com\/blog\/category\/politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1714,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/03\/19\/damn-the-constitution-full-speed-ahead\/","url_meta":{"origin":1730,"position":4},"title":"Damn the Constitution, Full Speed Ahead!","author":"Jeff","date":"March 19, 2009","format":false,"excerpt":"This is beyond priceless: WASHINGTON -- The House gave strong approval to legislation intended to recoup bonuses paid by American International Group Inc. and other recipients of federal aid, after a sharp-edged debate that dramatized populist outrage over the government's sweeping efforts to prop up the nation's financial system. The\u2026","rel":"","context":"In &quot;Politics&quot;","block_context":{"text":"Politics","link":"https:\/\/www.jasetaro.com\/blog\/category\/politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1789,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/03\/24\/chris-dodds-wife-paid-by-aig-subsidiary\/","url_meta":{"origin":1730,"position":5},"title":"Chris Dodd&#8217;s Wife Paid by AIG Subsidiary???","author":"Jeff","date":"March 24, 2009","format":false,"excerpt":"Chris Dodd had an Op Ed in \"Dodd: Setting the record straight\" in this morning's News Times... Unfortunately, the piece doesn't seem to be on their web site so I can't link to it... Regardless the timing couldn't have been worse since Sen. Dodd is likely to face new questions\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/1730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=1730"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/1730\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=1730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=1730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=1730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}