How much should the multi-million dollar bonuses of Wall St. be taxed?

[kentuck]

Many in the Wall Street firm of Goldman-Sachs received bonuses of several million dollars. The average bonus was reportedly $625,000 dollars per employee. The ones that received the big bonuses argue that they took the risk and therefore, are deserving of whatever they got. However, it was the stockholders that took the risk - not the individual executives.

Should we return to the 90% tax bracket? If not 90%, perhaps back to the 70% of the John Kennedy Administration? We are going down the same track we traveled in the 1920's when the business of America was business and taxcuts were cut similarly. Isn't it time we recognized the class war that is being waged upon the middle and lower classes? And isn't it time we fought back? The only way to fight back is to attack their pocket books. The only way we can do that is with our votes or the votes of those that elected to represent us. Should this not be addressed now?

[valerief]

1. Mais non! You speak treason. We must let them "trickle it down"

to "surge" the economy.
:sarcasm:

[lastknowngood]

2. 100% they are just usless overhead who are destroying our country

anyway.

[DocSavage]

20. You want to tax them more?

Call your congressman. They pass the tax laws. But Congressmen and Senators will never pass legislation like that because the people that get money like that make the political donations. Untill then, they deserve the same protections under the law as everyone else. If the tax law is written for 36% then so be it.

[bullimiami]

3. what risk did any of them take? they get obscene salaries and benefits already.

this should be illegal. that money belongs to the shareholders.
maximum bonuses should be something like 2 or 4 weeks salary for exceptional performance.

[Lucky Luciano]

6. Traders do take risks...

they have zero job security...they can show up to work and be fired on the spot. A few bad trades and you may never work in the industry again. Those are risks...besides, I thought that workers are the ones who should get paid? Let's not forget that even with $16.5B in total comp that GS paid out to 26000 workers, the profits were still $9.5B - or $19.60 per share! Their P/E is still about 10ish. It is a well run business where all in it do well - not jsut the CEOs. The enemies, IMO, are the HALs, WMTs, Big Pharma, The Defense Industry, Big Oil, and the M$M. They are much much worse.

[kentuck]

7. Is their risk any different from the rest of us?

We don't know if we will have a job when we go in. With their present salaries, they have a better opportunity to save more of their money than someone that might work for much less? So, who's really taking a "risk"? I don't buy that argument.

[Lucky Luciano]

9. When compared to other members a bank, they have far

more job volatility and those other members of the banks can be let go very easily too. Most are booted out of the industry (let alone the bank) within 5 years. Anyone that makes it 5 years is probably very well off - if they saved properly and avoided the fast lane as traders often don't. They are also comped well because there is an extremely small number of people able to do what they do. More taxes should be paid though. Britain actually has a decent system. My ex-boss is a Brit. He said the high bracket is around 40ish percent - but there are very few deductions and loopholes, so one generally has to pay the entire thing. That would be an enormous addition to the treasury....the only thing that makes me hesitant to do it is that it would only go towards the war machine - nowhere else. The people will not be helped and healthcare will not be made cheap for the most needy. It will go straight to the cronies of Dick Cheney.

[kentuck]

11. I think 40% tax rate is a little too generous for these vultures.

Or perhaps there is a better adjective for them? :)

[Lucky Luciano]

13. Not really - I think if they actually paid it,

then there would be far more money in the treasury - FAR MORE! Maybe we could even have universal healthcare AND begin to pay down our outrageous debt.

I am so curious about a real study on the costs of universal healthcare. I bet it would not cost very much at all. There will be higher taxes on corporations, but htey would just pay the government instead of a health insurer - same bloody thing.

Only the healthcare industry and big pharma would have problems, but they can be compensated for being bought out by the government too. It would also bring down the costs of medicine without the profit motive. Of course, I have no numbers to back me up - It would be an interesting study though.

[annabanana]

8. So they're fired... They're not dead.

I have a little something for them:

http://www.dtic.mil/whs/directives/infomgt/forms/eforms/dd0004.pdf

There's risk, and then there's risk.

[Lucky Luciano]

10. Yea, but what if they don't support the war!

It is the biggest disgrace that so many good young men and women have had their lives wasted and/or put on the line for no good reason.

[wakeme2008]

4. I really would be happy if they just paid 37%

But in the end I bet they have more loop holes with those bonuses than swiss cheese...

[Joanne98]

5. 90% and I'm not joking. These is obscene.

[DBoon]

12. They shouldn't be taxed

They shouldn't exist in the first place.

Why the heck are middlemen who trade trade paper getting so much money in the first place, when people who create real value get paid so little?

I'd fire all these hot shots, give them maybe $50,000 each, and send them to impoverished rural communities to build their own successful businesses. Then let's see how long these poseurs last.

[Solo_in_MD]

14. Eliminate our social engineering based tax structure

then some progress could be made

[Yavin4]

15. The Really Huge Problem with the Wall Street Bonuses...

is that it will inspire even more greed. Now, every CEO will want to be compensated on the same basis as these Wall Street hot-shots. Thus, corporations will outsource more, pay even less to the workers, etc. in order to get their CEO the same bonus.

[leftofthedial]

16. 120%

[Wcross]

17. How much should professional athletes be taxed?

Entertainers? Doctors? Lawyers? Lottery winners?

[Crabby Appleton]

19. professional athletes - 90%

Entertainers - 90%
Doctors - 80 %
Lawyers - 200%
Lottery winners - 25%

[stillcool]

18. I think the only ones

that benefit from our tax system are those that have the power to legislate in their favor. For those injured by such legislation, the plea for examination to stop the bleeding is answered by certain qualifications concerning the seriousness of the wound.
Band-aids provide temporary relief, because the wounded believe their injury has been addressed. It is only when the wound fails to heal, they question the doctors treatment.