The AIG/TARP “Clawback” Is Dubious – But Is It Also Unconstitutional?

    Co-contributor Francis Cianfrocca did an excellent job this morning noting many of the more surprising and odious aspects of the hastily (and emotionally) hashed-together “clawback” legislation that recently breezed through the House. Those aspects are bad enough – and they represent an ugly and dangerous turn in “policy.” But there’s an even more important issue. Is this “clawback” provision blatantly unconstitutional? More below the fold….

    Congress Prepares to Create Some New Unintended Consequences

    In the late 1960s, there was a well-publicized furor over corporations and individuals with very high incomes who, through combinations of legal tax-avoidance activities, wound up not  paying income taxes. So Congress responded with the Alternative Minimum Tax (AMT), which now hits millions of individuals and can’t easily be adjusted because it brings in too much revenue. I’m now hearing stories about employees of Wells | Read More »