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The near collapse of the financial system and the massive government bailout were just bumps in the road for Wall Street, it turns out, and notwithstanding public ire, the big banks are on pace this year to pay their employees at pre-crisis levels, The Washington Post reports.
“So far this year,” the Post reports, “the top six U.S. banks have set aside $74 billion to pay their employees, up from $60 billion in the corresponding period last year.” The standout is Goldman Sachs, which returned its $10 billion in bailout funds last month. It’s on pace to pay its employees an average “of about $773,000, more than double the figure last year and even exceeding the $700,000 paid in 2007.”
i am going to preface my remark by stating that this is not an attack the rich thread. there are plenty of honest rich people, just as there are plenty of crooked poor people. the bottom line, though, is that these banks would not have survived WITHOUT TAXPAYER INTERVENTION, so they need to be held to a higher standard. they need to be setting money aside so that taxpayers are not stuck with another bailout down the road.
for those who think that "main street" is having a recovery right along with wall street, i urge you to read this article and look at the charts: Nathan's Economic Edge
those accompanying charts are taken directly from the st. louis federal reserve.
Now we know why there was no lending by the banks. That taxpayer money was tied up in market speculation by the banks to earn money. Then again TARP was a blank check and no requirements were put on the banks how they used that money.
As astute investors have noticed, the government’s plans to get toxic assets off the bank’s books have been undermined by the banks themselves, who refuse to sell the securities at distressed prices, and by changes in mark-to-market accounting rules, which have GIVEN THEM THE ABILITY TO IGNORE THE PROBLEM.
And more bank assets may be on the verge of going toxic. Everyone knows that commercial real estate is the next domino to fall, but the worst may not have been reflected in bank earnings, says Douglas Burtnick, investment manager on the Aberdeen Global Financial Services Fund. “We’re still early in the game in knowing how that’s going to play out,” he says.
Much of the wasted salaries could be recovered if we had a really progressive income tax. In my plan the tax rate at the $700 grand level would be about 50% so these poor executives would have to live on $350 grand per year. The guys being paid in the millions would be taxed in the 85 to 90+% range. The tellers wouldn't be taxed at all.
Much of the wasted salaries could be recovered if we had a really progressive income tax. In my plan the tax rate at the $700 grand level would be about 50% so these poor executives would have to live on $350 grand per year. The guys being paid in the millions would be taxed in the 85 to 90+% range. The tellers wouldn't be taxed at all.
Much of the wasted salaries could be recovered if we had a really progressive income tax. In my plan the tax rate at the $700 grand level would be about 50% so these poor executives would have to live on $350 grand per year. The guys being paid in the millions would be taxed in the 85 to 90+% range. The tellers wouldn't be taxed at all.
Your plan sucks.
My plan is:
17% flat tax, no deductions.
Taxation kicks in at poverty level +1 dollar.
No capital gains tax.
No death tax.
Fair and it does not penalize success nor those who put capital at risk, i.e. investors.
On the corporate side: tax rate of 5% based on revenue not profit. No corporation is exempted. No losses written off either.
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