1 They licensed the abrogation of contracts. Their message is simply that it makes no difference what rules we put into effect now; we can and will change them so you cannot depend on them. Global businesses take heed: Your previous judgment about the sanctity of US law has been rendered faulty by our political leadership.
2. They passed retroactive taxation. Their message is that, whatever you plan with regard to the federal tax code, do not assume consistency and do not build any reliability about your government into your decision making. We, in Congress, can reverse our laws and confiscate your results.
3. They made the tax punitive. A 90% tax on something is like taking all of it. The chairman (Rangel) of the House taxation committee actually admitted that by taxing the 90% he was leaving the remainder for the states. In other words, states are now encouraged to engage in the same form of behavior.
Congress have totally lost the plot. While I didn’t like seeing the AIG bonuses, after all why should you be rewarded for bankrupting the firm, it was Congress, in their rush, that allowed this nonsense.
The one thing government should do, provide justice, according to law, they seem totally incapable of upholding or even contemplating. All manner of rights, under law, are being trampled.
