US House of Representatives passes bill to tax bonuses

Just a couple days ago I wrote about how an overreaction to the AIG bonuses could start us on the slippery slope, and today the US House of Representatives passed a bill to tax individual bonuses up to 90% if the company he works for has received TARP money of US$5 billion or more. I have yet to see the exact language of this bill, but when governments are introducing new bills as a reaction to outrage, and patting themselves on the shoulder over how creative they are, they just missed the forest for the trees. There are bigger fish to fry, ladies and gentlemen; the world is watching, and I don't think that bill is a step in the right direction at all.

Posted via email from trapper's posterous