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.

421 comments Add your comment

Billybob

December 6th, 2010
9:30 pm

at least they will oppose the socialists trolling washington these days kammy

Billybob

December 6th, 2010
9:32 pm

Hey Tucker,
If you had it your way I guess the new robber baron would be called barack hussein obama…mmm mmm mmmmm!

Billyboy

December 6th, 2010
9:40 pm

Now, now, Cynthia you are not really as dumb as you appear in this article. Please tell the people the truth and not hide behind this garbage, or, are you really that dumb?

chicken poop

December 6th, 2010
9:42 pm

gw’s malfeasance followed by the greedy right-wingers money grab has put the last nail in the coffin of this once great democracy all hail china are new daddy.

Nothing Is Free

December 6th, 2010
10:05 pm

chicken poop

The perfect name for you.

Nothing Is Free

December 6th, 2010
10:06 pm

sid

- -conservative christians are vile excrement- -

That’s what is known as bigotry. And quite overt.

Nothing Is Free

December 6th, 2010
10:08 pm

sid

And just think: replace the word Christian with Jew and you would practically be a NAZI.

You must be very proud.

sid

December 6th, 2010
10:14 pm

nothing is free, replace your brain with a fart and you might have a cogent thought…

Nothing Is Free

December 6th, 2010
10:24 pm

sid

Ahhh. An intelectual.

I’ll bet you were hell in the 7th grade.

Union

December 6th, 2010
10:50 pm

wealth envy is pathetic.. we are truly the blameless society.. those who dont have.. are taught that its not their fault.. and ctucker is at the pulpit..

Hootinanny Yum Yum

December 6th, 2010
10:59 pm

OMG! What would happen if African Americans accepted responsibility for their actions…

Why should they?

ATLANTA – Some of Atlanta’s leading African-American preachers fired a multi-barreled blast on Monday at the now criminal investigation into cheating on standardized tests in some city public schools.

They called it a “costly witch hunt”.

“We expect our prosecutors to go after criminals and not our educators,” said Dr. Richard Cobble, President of the Concerned Black Clergy.

He and more than 30 others blasted the investigation as “disturbing, reprehensible and misguided”.

They leveled one barrel at Fulton County District Attorney Paul Howard who launched the criminal probe last week by appointing former Georgia Attorney General Michael Bowers and former DeKalb County District Attorney Bob Wilson as special prosecutors.

Both were tapped by Governor Sonny Perdue last summer to look into potential cheating on CRCT test answer sheets.

“Paul Howard has been misguided and has joined the forces of those who dare to destroy public education,” claimed Rev. Cobble.

The ministers leveled another barrel at Gov. Perdue, accusing him of trying to take over Atlanta’s Public School system.

And they leveled yet another barrel at the Atlanta School Board for its recent internal power struggle that ended up in court and still threatens the system’s accreditation.

The only ones spared by the ministers’ broadside were outgoing School Superintendent Beverly Hall, who they called a scapegoat, and teachers caught up in the scandal.

“We admit some cheating went on; ain’t nobody up here saying ain’t been no cheating, but we got to find a resolution that moves us forward and not backwards,” said Concerned Black Clergy member Rev. Timothy Mcdonald.

He joined other ministers in calling potential criminal charges too extreme for what happened.

They suggested that any teachers or administrators who changed test scores should be reprimanded or suspended instead.

They claim the root of the problem is the No Child Left Behind Act which they say puts too much emphasis on testing and encourages cheating.

“These teachers, even those who cheated, let’s face it, they were trying to help,” Rev. McDonald claimed.

The ministers said they plan to meet with District Attorney Paul Howard later in the week.

A spokesperson for Howard’s office told 11Alive News he will meet with them, but that the time and date haven’t been set.

Howard’s office said he refused to comment on the pastors’ allegations.

So far, Gov. Perdue has also refused to comment on the ministers’ claims.

Meanwhile, the Southern Association of Colleges and Schools plans to meet with Atlanta Public School officials later this week to discuss how recent infighting by School Board members and the cheating scandal could endanger the system’s accreditation.

Loss of accreditation could threaten college hopes for thousands of Atlanta Public School students.

Fleabyte

December 7th, 2010
6:21 am

Seeing both sides argue this issue is akin to two factions arguing over the best way to murder a puppy.

Bob

December 7th, 2010
7:08 am

OMG ! Atlanta’s long battle with the Atlanta Eagle club is finally over, and the city is $1 million poorer for it.
Does that racist tea party run Atlanta now ? How would a progressive city like Atlanta abuse their gay residents. Dems crack me up, they abuse gays and make them lay on a dirty floor, nationally they give us policies like DADT. But watch out for the tea party people, they are racists !

dave

December 7th, 2010
7:27 am

bob’s such a fag…

Nothing Is Free

December 7th, 2010
8:38 am

Bob

You are laying on a dirty floor?

Well, get up!

Nothing Is Free

December 7th, 2010
8:50 am

C Tucker

OMG Looks like the rich won’t be paying more.

Your boy folded.

GaDawgInDC

December 7th, 2010
9:13 am

The wealthy already pay more..Get off your high horse cynthia…Repent, trust Jesus, not oprah…

Georgian

December 7th, 2010
9:52 am

Well, this is a mute point now ain’t it? Tax cuts to be extended.

Martin the Calvinist

December 7th, 2010
10:19 am

First of all, income belongs to the American people, not the gov’t.

Secondly, when are politicians going to have the courage to implement real spending cuts. Raising more revenue isn’t going to cut it to reduce 13 and a half trillion deficit.

Midground

December 7th, 2010
11:29 am

@Martin the Calvinist

Raising more revenue alone will not suffice to trim the deficit alone but it sure will help. It means we will not have to put costs of operations on our children’s credit card. It means govt initiatives and programs will be paid for-pay-as-you-go !!! Yes, I also agree that there should have serious spending cuts. Not just symbolic and farcical cuts like earmarks, I means considerable and effiicient cuts like military spending, foreign aid, Medicare amd tweeks at Social security !!! We all have to make sacrifices at this point. We marked the 69th anniversary of Pearl harbor, lets remember that it is the sacrifice of our grand parents ( parents for others) who made this country what it is today, both militarily and financially Buck up America !!!!

ralph

December 7th, 2010
12:49 pm

May I quote the late great Marvin Gaye:
Money, we make it
Fore we see it you take it
Oh, make you wanna holler
The way they do my life
Make me wanna holler
The way they do my life
This ain’t livin’, This ain’t livin’
No, no baby, this ain’t livin’
No, no, no
Inflation no chance
To increase finance
Bills pile up sky high
Send that boy off to die