From Powerline:

Wells Fargo didn’t want any TARP money, but the government forced it to take more than $5 billion worth, so Wells Fargo employees who receive bonuses would be subject to Pelosi’s proposed tax. Say you’re a teller at a Wells Fargo branch in Minnesota and you’re married to a lawyer who makes $250,000 this year. You get a $10,000 bonus for your good work during 2008. The government steals it all (90 percent federal plus 8.5 percent state plus, unless it’s included in the 90 percent, 3 percent Medicare). That is simply insane.

If the Pelosi bill is actually enacted into law (which I still think is doubtful) and upheld by the courts, there is no limit to the arbitrary power of Congress. In that event, we have no property rights and there is no Constitution–no equal protection clause, no due process clause, no impairment of contracts clause, no bill of attainder/ex post facto law clause. Instead, we are living in a majoritarian tyranny.

Read that again. Yes, I’ll wait.

The taxes on that “bonus” will amount to more than the bonus itself. Should these people get bonuses when their companies are receiving bailout funds? No, they shouldn’t. But it’s the job of Congress to fix this will future legislation.

It’s their fault this was passed without anyone reading it. I think the repayment of these bonuses should come out of the salaries of the Senators and Representatives that voted for the bailouts in the first place. It’s their fault for not doing their job.

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