According to a tipster, the following is a proposed amendment to the Patriot Act Bailout Bill being voted on tonight.
Amendment [PDF]
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Oh heeeeelllll no, I can’t believe the gubmint is against high-earning, hedge fund ballers like me.
- Tim Sykes
Senate Majority Leader Harry Reid, D-Nev., pressed for passage, with the alarming news that one of the country’s premier insurance companies was about to go bankrupt if the crisis was not quickly resolved.
“We don’t have a lot of leeway on time,” Reid told reporters in the Capitol. “One of the individuals in the caucus today talked about a major insurance company — a major insurance company — one with a name that everyone knows that’s on the verge of going bankrupt. That’s what this is all about.”
10%??!!! They cannot be serious. This is ridonkulous. I guess the good news it that I’m sure it won’t affect the majority of DB readers since they probably don’t fall into the high earners category.
Arrest that fucker for spreading negative market rumors.
It is Geico. That is the only one with a name everyone knows.
wow that’s fucked up. expires in 5 years though, i wont be in that bracket until then anyway
#2: either AIG or HIG. either way, totally irresponsible, like Schumer’s bank run on Indymac. Send ‘em to jail.
No way it’s Geico, that’s a Berkshire Hathaway company. Buffett wouldn’t be bailing out GS and GE if one of his own needed help.
Wow, between this and the SEC rumors I can see how we’re accelerating America’s descent into a socialist state.
At least Dealbreaker readers are safe. Maybe O’bama will give them additional unemployment weeks.
If the government wants to write me a $700 bn check, I will gladly give back another 10% of it in taxes.
in 5 years time: “A company is about to announce quarterly earnings that fall short of expectations! We need to pass this bailout legislation before something terrible happens”
@5
You probably won’t exceed $1 million in income ever. Such a surcharge will put the cabash on investment, small business owners will cut back on spending (including employees) or won’t grow their business as much and you’ll be lucky to have a job at all.
A congress of dimwits
My understanding is it starts with T, and hates Citi. A poet and I almost didn’t know it.
@12 Don’t be so quick to judge, especially considering the current rate of inflation.
@14
Good point.
@14
Of course, you have to have a job first.
Bess….why don’t you wrap this up and go home?
Nice Poison Pill. Anyone see the House passing this?
Anyone know who proposed this Amendment? I know the Dems in the house have been proposing something similar (like 4%) since may: http://www.reuters.com/article/politicsNews/idUSN1445794720080514
oh helz no! is this what they meant when they said they needed time to make the bill better? wtf!
It’s a hoax.
WSJ has full bill here:
http://online.wsj.com/public/resources/documents/senatebillAYO08C32_xml.pdf
Sec. 304 is “New Energy Efficient Home Credit”.
@21– it’s not in the bill, it an amendment.
@21it’s a proposed amendment to the bill. if bill passes they then vote on this provision. it is not in the body of the bill.
k-i-b-o-s-h
@morons – Not 21, but the amendment refers to section 304 of the bill as “surtax on high income earners” when section 304 of the bill is actually “new energy efficient home credit” thus the rumored amendment is fake as section 304 has nothing to do with income earnings and actually about environment/energy credits.
I hope its true.
Someone has got to pay for this.
The whole “no one can invest” is a crock of shit. I have financed high growth small business for years and most of them bootstrap and have plenty of cash flow from earnings to finance growth (if it is a good business model).
I’d rather it be the baby boomers who put us in our current state rather than me in the future.
this was an amendment to an earlier version of hr3997 before it became a vehicle for the bailout bill…search H.R.3997.EAS on thomas.
This is why this bailout shouldn’t pass…Congress found an emergency and realized they can stick any shit they want on this bill and it’ll get passed because the ORIGINAL PURPOSE of the bill is so important – BUYING BAD ASSETS.
Fucking wooden arrows and tax credits have no fucking business being attached to this.
Congress has just hijacked this.
EP said this would become the kitchen sink. Didn’t realize it’s a toilet now too.
Actually – bernie sanders proposed this amendment. Just saw him talking about it.
@22,23… I understand that it’s an amendment, dipshits, but the “full bill” includes amendments, and there can only be one “Sec. 304″.
@25
I hope you’re right. I wouldn’t normally believe something like this, but then I wouldn’t have believed the SEC would ban short selling and we’d be voting for government slackers to run the largest distressed debt hedge fund in the world either.
as grandma used to say…….
gone to hell in a hand basket
I’d give my heart to ford right now if they would unfreeze the loans.