The news that Merrill Lynch paid out $15 billion in bonuses is sure to ignite new questions about the wisdom of bailing out Wall Street. Merrill Lynch took $10 billion from the TARP, allegedly to fill holes in its balance sheet. But instead of using that to repair its financial health, it simply put the money into the pockets of its employees. There is no way to defend this disgusting payout.
The media made a big deal about Republicans attempts to make the tax system less progressive. But they have been largely silent about the fact that Democrats and Republicans have united to give taxpayer money to people who are filthy rich. Personally, I would have just preferred that we make the tax system less progressive.
I would prefer rich people who are taxed at the same rate as I am to rich people who are on welfare.