AIG employees - Why you should donate your bonuses instead of returning it

I just love reading your articles. Keep up the good work!

Xin Lu,

Excellent idea! Why didn't I think of it!

Thumb their noses at those attach dogs in Congress. (As if they had a leg to stand on.)

yes, you are right that the deductibility of the donations depends on  how the new tax law will be written.  If it works like the current tax system, it would mean that these people can donate up to 50% of their adjusted gross income and since their tax rate is 90% they wouldn't have to pay 90% taxes on the part they donate.    However, if the 90% tax is just a brand new surcharge that's not tax deductible, then some of them already have to pay over 100% of the bonus due to state taxes.  So the bottom line is that there is really no point in trying to keep the money. 

I wonder if some charities will refuse the money.

People seem to be missing the bigger issue. The tax code is now being used to punish people without giving them the benefit of a fair trial. The bonuses may be considered by some as unethical, I'm not going to waste time debating that. Has the law, as it is currently written, been broken? I don't see indictments, trials or convictions. We just skipped the whole process and went straight to punishment. There are AIG employees receiving death threats and having their homes swarmed by angry protesters. Many of them were not the recipients of any bonuses. A Federally funded organization (i.e. supported by YOUR tax money) is providing tour buses to these people's homes, doing every thing it can to throw more fuel into this fire. Not to mention that it was CONGRESS who authorized these bonuses, as a provision of the bail-out funds for the company.

Where is the public outrage against congress? Why aren't their homes being stormed by angry mobs? We didn't vote for any AIG members, but the elected officials who continue to be the beneficiaries of your tax money have betrayed to you. If you're against the bonuses, they have played an equal part in robbing you. We're throwing away the constitution to squelch an emotional need to act, even when the full facts aren't available to the public.

The Constitution is NOT a series of laws the government came up with to govern us. Rather it is the restrictions WE as citizens have put on that government to ensure our freedom. It is the line they can not cross. A line that is being pushed further and further back at our expense. We as a people have the right and the responsibility to assemble and speak out against a government who crosses that line. That right exists in writing because of the implied responsibility. We have the right to bear arms, as we are expected to take up those arms against such injustice and remove any power that threatens our freedoms.

The current government is dividing us. Republican vs Democrat. Liberal vs Conservative. Rich vs Working class. Sides are chosen and we're pitted against each other. Then they throw us some little shred of controversy and lets us squabble over it while they continue to seize power, safely hidden by the meaningless distractions they've created. AIG is done, these executives, be they right or wrong, pose no further threat to us. And still the angry mob gathers outside their homes. Congress will ensure there's always another scandal and they'll spend billions of dollars of your money to distract us. Anything they can do to keep the torches and pitchforks off of their own lawns, the threatening letters out of their mail, anything to avoid accountability for their actions.

Without freedom, there is no prosparity, economic or otherwise. We're losing our country because people are so easily lead into the fits of outrage. They'll piss away 230 years of hard work that went into building the country, just so they can feel better seeing one group punished. Are you a Republican or a Democrat? Union member no non-union? Upper-class income, middle-class, or welfare or disability recipient? Are you fresh out of college looking to enter the workforce, or are you trying to keep the job you've had for 25+ years? What is your race? Religion? Odds are YOU are a part of at least a dozen groups that someone lobbying Washington has a problem with. This time it was executives, but sooner or later the focus will change. We're all the target eventually. Maybe some are deserving targets, others may not be. But when your time comes, right or wrong is rarely a factor. What's important is the conduct of those who point their finger at you. Will you be able to demand legal representation, or will an angry mob just arrive on your doorstep? If we continue to set such a dangerous precedent and allow this conduct now, it's only a matter of time until it's used against you group.

I would spend the money to mail out millions of copies of the US constitution. The government will make their end on the deal in the form of postage, and a few people might actually wake up and realize what's happening here.

p.s. the sheep is the american public. no on can divide someone else. the sheep divide themselves along lines of interest. there are many subdivisions within divisions. and both of these two posts, or most of them, are in reply to viatro and annjo (maybe others, i haven't read everyone' posts).