OMG! What if the wealthy have to pay more . . .
Oh, the horror!
Apparently, something akin to panic has set in among the richest Americans, who are contemplating the possibility (although it seems increasingly remote) that they may be asked to make a small financial sacrifice to restore fiscal health to the nation that has given them so much. That’s right: Many among the wealthy are anxiously eyeing news from Washington about a possible tax increase.
That proposal hasn’t been debated anywhere with more fear than on Wall Street, home to some of the nation’s wealthiest and greediest capitalists. From the NYT:
Worried that lawmakers will allow taxes to rise for the wealthiest Americans beginning next year, financial firms are discussing whether to move up their bonus payouts from next year to this month.
At stake is a portion of the hefty annual payouts that are a familiar part of the compensation culture on Wall Street, as well as a juicy target of popular anger. If Congress does not extend the Bush-era tax cuts for the highest income levels, a typical worker who earns a $1 million bonus would pay $40,000 to $50,000 more in taxes next year than this year, depending on base salary.
Goldman Sachs is one of the companies discussing how to time bonus season, according to three people who have been briefed on the discussions. Pay consultants who work with major Wall Street companies say that just about every other large bank has also considered such a move in recent weeks.
With tax politics in Washington unpredictable, bank executives have spent months sketching out several options for their bonus plans, including the possibility of an earlier payout. Lawmakers have been trading accusations across a partisan divide, but after this weekend, it appears likely that a compromise will extend the tax cuts for all income levels.
Even so, the banks’ discussions about bonus timing underscore how focused the industry is on protecting every dollar of pay.
That’s rich. These are folks who manufacture nothing and whose collective scheming brought the nation — indeed, the world — to the brink of financial collapse. Yet, they have absolutely no sense of responsibility to the overall good.
And just how bad would it be if tax breaks for the filthy rich were allowed to expire? They’d still be paying less in taxes than they did under the Clinton administration, when the economy was healthy.
My, my, my. It helps you understand why the term “robber barons” had such meaning during the 19th century.
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421 comments Add your comment
T-dog
December 6th, 2010
5:16 pm
MarkV,
Have you ever been pushed into a higher tax bracket? I have. Not fun. Do you pay $2500/month in student loans. I do. Perhaps an agreement will be reached where no one will be penalized for making more money than some other people. However, at this stage you are wrong, sir.
Kamchak,
You don’t get to choose how much your Medical school education will cost you. How is this in any way similar to buying too much house? You borrow for medical school to make a difference in people’s lives, including the lives of you and your family. It is wrong to punish people for wanting to better themselves and make a difference in society. Shame on you for blaming others for not fulfilling your own financial security.
ChocoTaco
December 6th, 2010
5:18 pm
40 or 50K out of a 1 million dollar bonus is only 4 or 5 %, they’ll still be getting $950,000 or more. I think they’ll live…
atp
December 6th, 2010
5:19 pm
“that has given them so much”…typical class warfare jargon. Like they didn’t take a risk, work their tails off, spend sleepless nights away from friends and family, to build businesses and make money.
dawgs
December 6th, 2010
5:20 pm
CYNTHIA: Why don’t we have all income sent directly to the Government and then they can send us what we need ??
Kamchak
December 6th, 2010
5:21 pm
You don’t get to choose how much your Medical school education will cost you.
So, someone held a gun to the heads of this couple and made them pursue this education?
Some People are stupid
December 6th, 2010
5:21 pm
T-dog
1. I find it funny how Kamchak used the same argument relating to people who bought too much house(you bought too much eductaion) and you shunned it. But let it be about houses I have a feeling you would go the other way
2. As a CPA, you are absolutley wrong. The system is designed to be progressive,i.e. you pay rate on incremental dollars. Thats why the scale is XXX + 15% over X. So in your scenario, you would actually only be taxed at the highest rate on the 1k. Even then, if thats what you make, once you factor in you and your wifes personal exemption, you won’t be anywhere close to 250k. you would actually have to make about 270k to hit the 35% range.
3. What interest rate do you have on those loans. You will pay 900k over the life of them. Me thinks you are exaggerating.
Some People are stupid
December 6th, 2010
5:23 pm
I also like how everyone assumes to make money you have to work countless hours, spend time away from family, and all that other stuff..
Mark Zuckerberg founded facebook, he’s a billionaire…don’t think he worked to hard…
atp
December 6th, 2010
5:23 pm
If things were “given” to the rich, why isn’t everyone rich? I mean, wealth is obviously just given away right? I am sure all those people living on government welfare just forgot to send in the right paperwork, right?
Cynthia thinks like a second grader, so i will quote from a movie that is about her level of thinking: “There is no greater sacrifice than someone else’s” – Madagascar.
atp
December 6th, 2010
5:24 pm
@Some People,
Cool, you just showed us that you know nothing about Mark or starting a company from scratch. Please take your entitlement ticket and sit with the other Democrats. When we conservatives get done with handling the important things in life, we will get to your welfare.
ronald
December 6th, 2010
5:26 pm
People like Cynthia aren’t that much different than the thugs who rob liquor stores or gas stations. Those thieves attempt to hide their identity while they steal, whereas Cynthia is proud to proclaim to the world that she supports stealing from wealthy Americans via wealth distribution and by forcing them to pay a higher tax rate than everyone else. There is a special place in hell for those who steal, regardless of which form the theft takes…
Browncoat
December 6th, 2010
5:26 pm
CT, there are many great comments on here. I see you so far have made a short response to one……Interesting.
sally
December 6th, 2010
5:34 pm
The participants’ on this blog are more proof that american exceptionalism is a myth…
MarkV
December 6th, 2010
5:37 pm
T-dog: If you want to comment on the tax bills now discussed, you should at least get your facts straight. Whether you have been “pushed to a higher tax bracket” by the current tax law is immaterial in this case. Again, check your facts and do not make a fool of yourself.
Chris
December 6th, 2010
5:38 pm
Has anyone done a report on what the tax brackets on ‘the rich’ would have to be to make up for the budget deficit (todays and future entitlements)? That would really help to bolster the argument for higher taxes on the rich, but I guess it seems easier to use characitures of ‘the rich’ to really not add anything of significance or seriousness to the fact that the federal government spends way too much money since they try to buy votes year in year out through their ‘programs’. Reading some of these posts, I gather the left’s view of ‘the rich’ (BMWs, multiple houses, designer clothes) is about as accurate as the right’s view of the poor (6 kids with 2 on the way).
Gary
December 6th, 2010
5:40 pm
While I believe the government has way too much money as it is, these tax increases would not even affect the richest, people like Bill Gates and Warren Buffett only pay about 15% taxes on their dividends and capital gains. Yet they are begging for these higher taxes. Why, Because they will not be paying higher taxes. Why don’t they take the billions they give to charity and give it to their favorite charity, the government? Oh, by the way, Cynthia, if you want to pay higher taxes, write a check and send it in.
las cruces
December 6th, 2010
5:40 pm
“Blessed are the poor, for yours is the kingdom of God” Matthew 5:3
Major bummer for all you rich pricks…
Chris
December 6th, 2010
5:42 pm
@Some People are stupid – perhaps you have personal knowledge of Mark Zuckerburg’s work habits. I’m fairly certain he didn’t just go to godaddy.com and register facebook.com to become a billionaire.
Chris
December 6th, 2010
5:46 pm
@Kamchak 5:21 – what an ignorant post. I bet you argue that medical costs are too high while saying (paraphrasing) ’screw them medical students – they chose that path so let em pay for it’. Everything should just be free right? Guess what ’sport’ – the more doctors – the more access – the lesser costs. Supply and demand.
casual observer
December 6th, 2010
5:48 pm
If you believe the money the government steals from the citizens of this country is going to be used to decrease our deficit or debt……you are simply dumb That”s all there is to it. To listen to Libs or Socialist who think it”s okay to take a millionare’s (or any citizens who has earned it’s) money and distribute it to their pet project is sickening. 2012 is coming fast. Lets get all Libs out of the decision making proccess in this country.
Kamchak
December 6th, 2010
5:57 pm
I bet you argue that medical costs are too high while saying (paraphrasing) ’screw them medical students – they chose that path so let em pay for it’.
No, I was pointing out that many on this blog, on a daily basis, said that people who bought too much house made a choice all the while enjoying (assumed and unsubstantiated) extravagances, and should now accept responsibility for that decision. Does this not include a decision about schooling?
Everything should just be free right?
No.
Contractor
December 6th, 2010
5:59 pm
Some People are stupid,
Along with the couple other post that have basically taken you down a few notches, I agree that it doesn’t take blood, sweat, and tears to make a fortune in this country, but it does take intelligence, time, and effort. If they are intelligent enough to make their millions, it shouldn’t make a difference if they did it digging ditches, or made it creating Silly Bands or something so simple as that. The fact is that taking more money from someone who has more is not ethical. It’s the principle of the matter here, not what YOU or Tucker consider right.
Alt Min
December 6th, 2010
6:16 pm
Some People are stupid … yes they are!
I dare you to share with MZ your thoughts on how he didn’t obtain his money through hard work. Just as those of you who have never been close to the “wealthy” tax bracket, alternative minimum, etc. have a clue what is done with that money. Old timer @ 5:12 is a perfect example of what most “wealthy” folks do with their money. I have personally put aside enough money not to need SS or Medicare, but yet I still have that money taken from me by the government. Bonus income is taxed near 50%, which means hard work above and beyond is valued less that average performance through regular pay in the eyes of the government?
PS Stop using the uber-wealthy as examples of those “rich” who want to fund/funnel more to the government. That dog don’t hunt!
MarkV
December 6th, 2010
6:17 pm
Contractor: The way you argue shows, to put it politely, simple-mindedness of political slogans. To put it to a test, all it requires is this: All countries with a capitalistic system (and perhaps even those with a not-capitalistic one) use a progressive tax code. Do you agree with that form of a tax code or not?
Nothing Is Free
December 6th, 2010
6:33 pm
MarkV
In the US, there are 6 tax brackets, ranging from 10% to 35%.
We have a progressive system, already. But talking about that doesn’t give liberals anything to be angry about and without liberal anger, there is little they can offer. It’s not like logic is their strong suite.
MarkV
December 6th, 2010
6:39 pm
Nothing Is Free: Didn’ I write that ALL countries with a capitalistic system use a progressive tax system? Does that not include the US? What are you arguing about?
Nothing Is Free
December 6th, 2010
6:39 pm
MarkV
- -simple-mindedness of political slogans.- -
Huh?
Are you trying to say that he is more gullible than most as a victim of political slogans?
Did you vote for the politician who ran on the slogan of Hope and Change?
MarkV
December 6th, 2010
6:45 pm
Nothing Is Free: Changing subject?
What I was saying was that arguments that are basically political slogans are not really arguments at all, because they lack any substance.
Nothing Is Free
December 6th, 2010
6:48 pm
Chris
- -I gather the left’s view of ‘the rich’ (BMWs, multiple houses, designer clothes) is about as accurate as the right’s view of the poor (6 kids with 2 on the way).- -
I just returned from a third world country. The “poor” in the US are not even close to poor.
We are the only country in the world where the people with the most extreme weight problems are poor people.
Nothing Is Free
December 6th, 2010
6:51 pm
MarkV
Maybe you can help me out. I took both posts from a single poet of yours, but you claim I am changing the subject. Perhaps that should tell you tons about the “direction” of your own posts.
phil
December 6th, 2010
6:53 pm
But, if anyone does not provide for his relatives, and especially members of his household, he has denied his faith and is worse than a nonbeliever.
1 Timothy 5:8
MarkV
December 6th, 2010
6:55 pm
Nothing Is Free: I will be glad to help you out:
“Did you vote for the politician who ran on the slogan of Hope and Change?”
What has that to do with what I hhave written in any of my posts?
MarkV
December 6th, 2010
6:59 pm
Nothing Is Free: “I just returned from a third world country. The “poor” in the US are not even close to poor. ”
This is another single-minded argument of the right. Of course poverty is relative. Would you agree with the richest guy in a thirld world country, who can have anything he wants, that he is poor because his absolute wealth is much smaller than that of the rich people in the US?
Some People are stupid
December 6th, 2010
6:59 pm
atp-
Please don’t get mad at me because Mark Zuckerberg said it was easy.(came from his biography)
As far as entitlement, I’m pretty sure I make more than you and probably pay more taxes than you. In fact, how many CPA’s you know receive entitlements….I wonder why Ga is so messed up..
Chris-
As I said to atp, he said it was easy, not me. Really, all it takes is a good idea and some people skills and you can become fairly wealthy. Or hell, even good use of psychology. Case in point, CT, she post something on a blog and yall eat it up, posting all types of comments, which only makes her more valuable to the ajc because of all the hits she receives, but yall would much rather get your rocks off by telling Cynthia how wrong she is than to realize she is basically playin yall like fiddles.
Contractor-
I’m sorry. Where in my post did I say it was right. Are you reading what I type and then just fill in the blanks for what you think I might say. Have you asked me my opinion, because if you haven’t, how do you know what I think is fair. Besides that, I do agree with you that it doesn’t take blood ,sweat and tears, just a good vision and some intelligence.
And finally Alt Min-
Uhmm, I’m in the higher tax bracket…small business owner…thats kinda why I know this farce about tax rates affect small business is laughable….and I didn’t know that there was a qualifier on who I can talk about. You guys kinda make it seem as all small business owners are conservatives and and unemployed are democrats..what range of person income wise do you want me to use as an example. Please define a range so I know who’s off limit.
On a sidenote I used MZ because he said it was easy. Bill Gates would probably say it was easy. Hedge Fund managers would probably say it was easy. In this day and age, accumulating some semblance of wealth can be easy. Look at the dot.com age, the guy who invented stamps.com is a millionaire. I’m not saying it doesn’t take hard work, but MZ was a college student,I’m sure he wasn’t worried about time away from his family while coming up with a billion dollar idea…quit w/ all this hyperbole
Nothing Is Free
December 6th, 2010
7:10 pm
MarkV
You were criticizing another poster saying that he was simple minded as to political slogans and then you made the comment that if it is a political slogan, it can’t have any substance. It can’t if the slogan is Hope and Change. I have always considered that slogan either a slap in the face to Obama’s supporters or an obvious sign of our declining educational system.
Amazingly enough, for Obama, it was really all he had. What would he have said:
Let the community organizer lead our military?
Let the college professor try out that socialism he has been teaching?
Let Obama spread that love and understanding that he has learned from Bill Aires and Jeremiah Wright?
Let’s hope that he doesn’t treat our country like his father treated him?
But of course, for a great number of his supporters, the most effective slogan would have been:
He’s Black. (Not really, but he does hate his “typical white person” grandmother who raised him when his own parents had more important things to do.)
James
December 6th, 2010
7:12 pm
some people are stupid- nice diatribe- maybe need to research the founding of facebook- he worked pretty damn hard, took risk, and sold into a scalable marketplace. most folks miss the basic issue which is what do you get for your payments. I would say the upper tax bracket is paying for lobster and receiving rabbit turds. raise the tax rate on those over 1 mill and expand the tax base. enable the great american worker- we are truly going on 10 years with no leadership
barking frog
December 6th, 2010
7:13 pm
The US is probably the only Country in the World
where sloth and greed create success and solutions
are invented for nonexistent problems. Ain’t it Grand.
Oh, and the rich whine more than the poor about money.
Some People are stupid
December 6th, 2010
7:16 pm
James-
Again, those were his words not mine.
Billybob
December 6th, 2010
7:19 pm
“Contractor@3:59, Here’s one reason: The economy was a lot healthier during the Clinton years. So what’s so wrong with allowing tax rates for the rich to revert to what they were then?”
Is that the best you have Tucker? WEAK! Try this, click your heels together three times and repeat after me….there’s no place like socialism, there’s no place like redistribution, there’s no place like class warfare. Hope that helps you a little bit….socialist.
Nothing Is Free
December 6th, 2010
7:21 pm
MarkV
- -Would you agree with the richest guy in a thirld world country, who can have anything he wants, that he is poor because his absolute wealth is much smaller than that of the rich people in the US?- -
No I wouldn’t agree with that.
By that statement, I would bet that you have never been to a third world country. We have poor people who have to still watch a CRT television instead of a flat screen, HD set. The poor people I just left live in corrugated boxes with dirt floors and have a small meal every few days. No electricity. No running water. A man with a car is considered a very rich and powerful person, even if the car barely runs.
It isn’t a single minded slogan, used by conservatives. It’s a fact.
And of course the people in the states that are so poor that they have to receive almost a grand a month for food from the government always have the opportunity to improve their situation.
Nothing Is Free
December 6th, 2010
7:24 pm
barking frog
- -The US is probably the only Country in the World
where sloth and greed create success- -
No. Sloth and greed creates prosperity all over the world.
- – solutions are invented for nonexistent problems.- -
Are you talking about the Health Bill or Cap and Trade?
Nothing Is Free
December 6th, 2010
7:29 pm
Billybob
- -The economy was a lot healthier during the Clinton years. So what’s so wrong with allowing tax rates for the rich to revert to what they were then?”- -
So using that logic, what was the reason for the Health Bill?
Nothing Is Free
December 6th, 2010
7:33 pm
Everyone that is complaining about giving the rich a break on taxes might want to consider how many industries have left our shores.
Democrats love to hate. They REALLY love to hate private industries, but oddly enough, can’t seem to understand why industries have left the country.
It reminds me of the abusive husband who just can’t understand why his wife left him.
barking frog
December 6th, 2010
7:36 pm
Nothing Is Free
December 6th, 2010
7:24 pm
Are you talking about the Health Bill or Cap and Trade?
—————————————-
both. and the ipad ,ipod, facebook, myspace, vitamin water
and Congress……..and on and on and on, glad to see you
escaped again….
Nothing Is Free
December 6th, 2010
7:45 pm
barking frog
I tried an ipad. I don’t see it.
I do like the ipod and I love my kindle. I’m averaging about a book a week. I’m really enjoying “All the trouble in the World, The lighter side” by PJ O’Rourke. Funny as hell. Written in 1994. Not much has changed since 1994.
It was very warm and i hate this cold weather, but it certainly smells a lot better.
barking frog
December 6th, 2010
7:53 pm
The kindle is bezos’ means to world domination. He is building
two distribution centers in Chattanooga…
William C Smith
December 6th, 2010
7:53 pm
I have responded already but I have a remark. I am not a Democrat or a Republican. I consider myself an American. I am now over 60 years old an as I look back at my life I see certain changes. My father nor my uncles never attended a university. They taught my cousins and myself the value of education. We all received our diplomas and then taught our children the value of education. They have all received diplomas also. I now have younger friends that can not afford to either send there children to college or trade school. Many of there children don’t want an education or to learn a trade. Until people in our society decide to advance themselves by rolling up the sleves and going to work it will never get better. Also, at the same time until America shows more compassion for one another the system will never get better. The whole tax argument is no more than hatred between people based strictly on financial status. Our freedom was won by a group of rich property owners willing to lose all for our freedom . Also, at the same time the poor saw a chance for advancement in a free society and where willing to die for that cause. George Washington when given a chance for complete power choose to ride back to Mount Vernon and become a farmer.
"Walking Dead" Extra
December 6th, 2010
8:17 pm
No matter what the regulars say tonight, Obama just acknowledged The Tea Party and made his first course correction. Bravo Mr. President !!
Combine this with The Deficit Commission and finally we have some legitimate stuff to blog about.
The haters on both sides despise free speech and discourse. They only want to smash and burn and promise utopia in return.
Don’t Tread On Me !!
War Eagle
December 6th, 2010
8:29 pm
Cynthia, I though you were smarter than ask a question like that???
Ans. the economy was huge under Clinton because of Wall Streert. Remember the IPO`s, hedge funds and so-called housing market, plus he had a Republican Congress to make deals with him…IN THOSE DAYS THERE WAS NO moveon.com, Huffington or Tucker blogs to radically depose the Obama presidency.
This is reason Bush tax cuts stay in place across the board to energize the economy
Kamchak
December 6th, 2010
8:52 pm
Don’t Tread On Me !!
So, you want something legitimate to blog about?
After Francisco “Quico” Canseco beat Rep. Ciro Rodriguez (D-Tex.) as part of the Republican wave on Nov. 2, the tea party favorite declared: “It’s going to be a new day in Washington.”
Two weeks later, Canseco was in the heart of Washington for a $1,000-a-head fundraiser at the Capitol Hill Club. The event–hosted by Reps. Pete Sessions (R-Tex.) and Jeb Hensarling (R-Tex.)–was aimed at paying off more than $1.1 million in campaign debts racked up by Canseco, much of it from his own pocket.
After winning election with an anti-Washington battle cry, Canseco and other incoming Republican freshmen have rapidly embraced the capital’s culture of big-money fundraisers, according to new campaign-finance reports and other records.
Them teabaggers are gonna fit right in.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!
sid
December 6th, 2010
9:16 pm
conservative christians are vile excrement