Pelosi's Bonus Killing Bill

John Hinderaker seems to think we're on our way to becoming a banana republic:

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 Wells Fargo 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.

Bills like this, enacted out of blind rage and without logical thought, serve only to disincent people from striving for higher goals in their income and careers. If you make achievement punishable by confiscatory taxes, people will stop striving to achieve.

You always get less of whatever activity you tax.