In a rather aggressive attempt, CEOs of Citi, Bank of America and JP Morgan have criticised the US congress' attempt to tax bonuses by upto 90%. While I can't comment on the constitutionality of the provision - though some people have opined on it, I find the provisions entirely fair. The proposal is that if a) you have borrowed taxpayer money b) the borrowing is over $5 billion USD c) bonus is granted where the household income of the person exceeds $ 250,000 - then 90% of the income will be taxed. I don't see what is unfair about it, want taxpayer money to distribute as bonus to people who are jointly causes of the demise of the entities? - agree to the terms or return the money. In any case, there is no equity or fairness in any taxing laws, so also I would guess under US laws retrospective tax laws would be constitutional. I don't think it is relevant that the people who caused the mess (assuming way too much) are not the specific ones who are getting the bonus.
See WSJ article
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