Why not raise taxes on the super wealthy?
I’m not talking about those making just over 0k, which are being portrayed as wealthy. In many parts of the country, ie NY and SF, the cost of living necessitates that kind of money to own a home and have a family.
I’m talking about the CEOs with unlimited earning potential making to 0 million per year or more. As far as I can tell, their earnings are based on the performance or profitability of their company. To make a business profitable a CEO has incentives to keep wages down, cut benefits, layoff as many as possible, outsource any function possible (mfg, software development, customer service, etc.) close locations that might be profitable, but not as profitable, etc. These acts not only hurt US Citizens, but also the US Govt as it has significantly decreased the tax base. Beyond the immediate employees of these companies, numerous other companies local to their operations are hurt when these cuts are made.
In return for keeping the masses depressed they earn lottery type money each year, and every year they want more. It seems the majority are insatiable at the cost of the majority of US citizens.
My wife works for a company where the CEO makes million/year. The highest raise they gave to any employee last year was 1%, not enought to keep up with inflation (most employees received no raise). Yet the company beat estimates and paid dividends to stock holders. In return, the CEO makes more in a week then probably 99% of what the employees make in 1 year.
I can’t understand how raising taxes on those making over million/year on a sliding scale up to million (with a tax of 90% or so) would be detrimental to growth. I’m not talking about stock market growth, that’s been happening and jobs have been disappearing. I’m talking about job growth, and businesses like banks not shelling out all of their earnings to big executives so the banks can weather financial turbulence without govt intervention.
It seems raising taxes on these truly high earners would eliminate the incentive to "screw" everyone else, including the Government.
It doesn’t look like many of you have read past the first line. This isn’t about tax revenue for the government, it’s about insatiable greed that’s caused big executives/CEOs to make decisions that have caused millions their jobs and businesses.
I don’t get the concept of actively destroying the jobs and businesses of others (while raising your own pay to , or million/year) and creating a much larger tax burden on the US Govt. Then somehow, many of us have been brainwashed into thinking that we need to lower their taxes further? If it wasn’t possible for many of them to bring home more then -4 million, there’d be a lot more jobs in the US.
Yup,
Nobody has read beyond the first line. Why has the stockmarket recovered from it’s lows so strongly since around the time that Obama took office????? Because the recession gave businesses the guise to layoff everyone possible, cut benefits, increase workload on remaining employees, close locations that didn’t earn as much, negotiate heavy-handedly with suppliers and outsource every possible operation to the cheapest source.
So now unemployment is up around 9-10%, wages for most workers have been stagnant for over 10 years. While the DJIA is through the roof as are CEO wages?
And many of the arguements below still blindly state that these CEOs are entitled to that money and should have lower taxes still.