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« Krugman Asks Why Obama is Not Following Through on Health Care & Progressive Stirling Newberry has an Answer Dems Aren't Going to Like | Main | Richest Got Richer and Faced Lower Tax Rates »

January 30, 2009


Ron Russell

I agree with most of the article, but not all. For Dodd to say anything about this is a complete joke---where are the documents on his loan he promised us months ago. Until then shut-up Mr. Dodd. And Obama, its ok to point out the large bonuses some got--thats fine, but to complain about the profit system thats igorant. Where does the government get all the pork money if not from taxing profits or borrowing or just plain printing dollars. Obama I know you are a socialist, but don't kill the goose that lays the golden egg or you'll be left with an empty basket.



Right on.

It would be appropriate to see a couple of the masters of the universe sitting before the Senate explaining exactly how they earned their millions in bonus money while losing hundreds of billions of their shareholders' (and the taxpayers') cash.

Then let's nationalize some of these failing banks before we have to pay even more for their bonuses. (That's drive the commenter above really crazy!).



Here's the trouble with your golden-egg argument:

First, bonuses do not get taxed as "profits" on the corporate; they are listed as expenses, calculated before profits, and therefore reduce a company's profits.

Second, given the tax law loopholes, many of the people looting the shareholder money pot (i.e., taking bonuses) don't pay income-tax rate on non-cash bonuses but instead pay the smaller capital-gains tax rates.

That said, I DO AGREE with you about Dodd's hypocrisy. He should be called a hypocrite for it!

On the other hand, I don't think that he should shut up, because us ordinary investors need big spotlights on the executive compensation issue if we are ever to see shareholder-friendly reforms.

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