Tax the bonuses at 100%.
It’s really a simple solution. If Congress actually cared about the AIG bonuses and similar abuses, they could amend the income tax to tax those bonuses at 100% with no deductions allowed. Since most states would have their own taxes on top of that, you’d see any AIG employee with a brain declining the bonus, just as working people all across this country have been forced to accept lower salaries and lower benefits than their contracts call for.
Tax the bonuses at 100%.
Anything short of that is just politicians making noise while they continue to let the hyperwealthy finish destroying our entire economy. Cap the salaries, tax the bonuses at 100%, fire the executives, put the companies into receivership, and then tell me that you intend to tackle the significant problems like the 1.4 quadrillion dollar derivatives market.
The news of the bonuses has focused some anger on AIG. Maybe realizing that Congress is rolling over for it will redirect the anger where it will do some good. Tax the bonuses at 100%.
Tuesday, March 17, 2009
Tax the bonuses at 100%
Subscribe to:
Post Comments (Atom)
2 comments:
The nonsense from Geithner tonight is that in response to the $165 million in AIG bonuses, the administration will reduce AIG‘s payout by $165 million and seek to be repaid $165 million. This is not even remotely a solution. It’s a sham proposed by someone who thinks we’re so dumb, we can’t even figure out that we’re letting the AIG executives keep those bonuses. Fire Geithner, and put Andrew Cuomo in that job.
An open letter from an AIG executive sheds some light onto the compensation arrangements that were being made at AIG, such as reducing salaries to $1 while promising bonuses of, for example, $742,000 after taxes. When the CEO does that, it’s a stunt. When dozens of executives do that, it’s an organized scheme to evade some sort of oversight.
Post a Comment