January 21, 2010

Why the Bank Tax is Unconstitutional

A very nice history lesson in 14 short pages on why the President's proposal to tax banks that took TARP funds is unconstitutional. 

You would think, the President being a Constitutional Law Professor, that he would understand bills of attainder.  He's even the one who complained, "The Constitution only says what the Federal Government can't do to you, but doesn't say what the Federal Government just do on your behalf." --- Well one thing the Federal Government "can't do to you" is single you out for a penalty like English Kings used to do.  If there was no language in TARP that ruled out bank bonuses and if the President has no intention of preventing all companies that were bailed out from getting bonuses (like GM), it is unconstitutional to single out just bankers for penalties.

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