Posted on 02/04/2009 2:42:44 PM PST by Technical Editor
Without those high incomes, the Dems wont be able to pay for their big welfare states.
ughhh....
marker
“It’s actually not a direct cap on compensation. It’s a limit to how much executive salary a company can claim as an expense against income tax.”
It’s an attempt to tax the business income twice. Once as a corporate tax and then again as a personal income tax.
The United States Government already does this when corporations pay out dividends to their stockholders. The corporation pays corporate tax on the income and then that corporate income that is disbursed to stockholders is then taxed a second time (immediately) as a personal income tax. It is only until very recently that this second tax (the personal income tax) was given somewhat better tax consequences (a special very low dividend tax of about 10%).
I noticed that right away, DTD.
A lot of it directed at him!
Cheers!
Would a challenge get to SCOTUS before or after any 0bama appointee? Just sayin’.
They want a revolt, and they think they can win one, putting conservatism to death for good in their books.
This is what provacation is about. Its a fascist technique to divide and conquer society, one sector at a time. The Nazis used it effectively to cow the population, disunify Germans, so that ordinary men and women supported them.It was combined with jingoistic continuous bombardment of the public with propaganda, just like Obama is doing, a continuous presidential campaign that never stops.
The question simply is, when will we fight them to win? Who will help us, Canada?
“Bernie Madoff should be executed. And congress should establish certain financial crimes as capital offenses.”
We should also execute the investors in Madoff’s scheme. Without their greed, he wouldn’t have been able to use it against them.
“How long until it applies to...”
Wealth in general. Why does anyone need to have over $5 Mil in savings, anything more is pure excess that should be confiscated and absorbed by SSIP.
(is a sarc tag really needed?)
This same tax trick was pulled in the 1990’s. It was essentially the same except it was limited to $200,000. Companies paying executives in exces of $200,000 couldn’t deduct the excess, hence the payments in excess of 200K cost the company an extra 45% (or so depending on state tax rates) to overly compensate an executive.
It was interesting that at that time there was what was called a “rock star” exemption. The exemption wasn’t just limited it Rock Stars or even just stars, but people that were compensated by paying a fee or percentage of the gate. I thought this was an interesting way for the Hollywood crowd to escape this tax and the politicians were playing to that constuenticy.
If a concert promoter had a gate of lets say $1,000,000 and paid the “act” lets say $700,000 and had other expenses of lets say $100,000, his gross profit would be $200,000 and for sake of discussion his tax would be (at a total of 50%) $100,000 leaving an after tax profit of $100,000. If he couldn’t deduct the extra $200,000 dollars (in Obamas $500k limit) the promoter would have a Taxable Gross Profit of not $200,000 but $400,000 and his tax (at 50%) would be $200,000 leaving him a ZERO profit.
But it is okay to be that punitive to the evil “business community” as long as the preformers get full tax deductability and hence the promoters don’t have to discount the preformance fee to make money.
Not the wealthy, they already have their money, but the rich, who aspire to be wealthy.
Won't bother the Kennedys, Rockefellers, etc.
There’s some truth in that. I agree.
Mr. Frank has summoned the CEOs of Citigroup, J.P. Morgan Chase and the seven other U.S. financial firms that got $125 billion from TARP to testify at a Feb. 11 committee hearing.
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All those CEOs AND homoFrank should be handcuffed and taken to Prison.
This is the next curve on that slippery slope to Marxism.
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