The bonus debacle had prompted the approval of a bill by the US House of Representatives to impose a 90% tax on bonuses awarded by companies bailed out by the US government.But President Barack Obama said such a measure would be unconstitutional.
Practically the only good thing I've been able to say about Obama since the election is that, for all we know, McCain would have been even worse. So it's nice to see that, on at least one small issue, he is on the right side. He is, of course, willing to demagogue, along with practically everyone else in Washington, over the financial crisis. He is also willing to use it as an opportunity to spend enormous amounts of borrowed or printed money doing things that he and his political supporters approve of. But at least he has enough honesty and sense to recognize the legal problems
with using Congress to punish people for behaving in a way that is unpopular but not illegal.
Even if you call it a tax.