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January 24, 2008

An Idea

The Scanner has an idea:

There is now talk of a bailout of bond insurers. And that gives me an idea...

Here’s my proposal. I offer it at no charge to any member of Congress, presidential candidate or editorial writer willing to bear the calvary of getting the stink-eye next time at Harry Cipriani. If it becomes necessary to bail out the monoliners to prevent a depression, there will be terms. For once, the highly-paid beneficiaries of a taxpayer-financed bailout will not get off scot-free.

Congress shall specify that no bailout will take place unless and until (a) every bailed out monoliner and (b) every financial institution holding a bailed-out policy certifies that its employees have voluntarily agreed to accept a 25% federal income tax surcharge on every dollar earned above $200,000 for a period of 5 years. A young hotshot earning $300,000 would see $25,000 added to his tax bill. An elder pulling down $1 million would owe an extra $200,000. Since some of the biggest Wall Street multinationals are policyholders, and since this would apply to every one of their employees over $200,000, we could be talking about a lot of people and a lot of money. It could even go some way towards making the bailout pay for itself.

Politically, it’s a winner. Fiscally, it’s sound. It’s extraordinarily well-targeted to precisely the assholes who got us into this mess in the first place.

The rest.

—Jonathan Schwarz

Posted at January 24, 2008 12:13 PM

someone get dennis kucinich on this fast.

at least wexler.

Posted by: almostinfamous at January 24, 2008 12:34 PM

Add an over all CORPORATION TAX of 25% on top of that (with a LITTLE EXTRA to those with overseas manufacturing) and YOU got me sold.

Posted by: Mike Meyer at January 24, 2008 01:20 PM

Oh, how I would love to be part of a political movement where "someone get dennis kucinich on this fast" is NOT plan A.

Nothing against Kucinich, or almostinfamous for suggesting this, but it kind of says something about where we're at, doesn't it?

"Accede to all our demands, or we'll let loose the diminutive vegan!"

Posted by: SteveB at January 24, 2008 01:27 PM

SteveB: I'm going to feed it to Nancy as part of my daily calls. (how about YOU???)

Posted by: Mike Meyer at January 24, 2008 02:17 PM

it is a bit disgusting(even for someone who is not an american citizen), but you support the politicians you have, not the mystical politicians that you wish you had.

Posted by: almostinfamous at January 24, 2008 02:35 PM

I recall that you start wars with the armies you have too (or something like that).

Posted by: StO at January 24, 2008 05:07 PM

25% is fine for a start.But how about 50% between $500K and $750K,75% between $750K and $1M,and 100% for anything over $1M.These fucking sociopaths who wrecked the economy are lucky they still have jobs,unlike many of the people who got stung by their malfeasance.They're lucky their heads aren't being collected in baskets.

Posted by: BobS. at January 24, 2008 07:27 PM

They're lucky their heads aren't being collected in baskets.

Somebody get Dennis Kucinich on that fast.

Posted by: SteveB at January 24, 2008 11:46 PM

no, for that you need a robespierre, and that aint happening in the US yet.

Posted by: almostinfamous at January 25, 2008 11:35 PM

``(with a LITTLE EXTRA to those with overseas manufacturing)''

Changing the tax system to make off-shoring less cost-effective would be a no-brainer if Congress had any brains.

Posted by: Feeder of Felines at January 27, 2008 12:06 AM