Wall Street bonuses...$144 billion

Discussion in 'Current Events' started by Chris, Dec 13, 2010.

  1. Chris
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    Chris Gold Member

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    A report from The Wall Street Journal Tuesday morning won't help Wall Street dodge any more bullets. A survey of about 35 top financial institutions -- comprising banks, investment banks, hedge funds, money-management firms and securities exchanges -- estimates distribution of $144 billion in compensation and benefits for 2010. This amounts to a 4 percent increase from the $139 billion paid out in 2009, and potentially a whole lot more billionaire contenders for the title of wealthiest Americans.

    $144 Billion in Wall Street Bonuses: How Much Is That, Really?
     
  2. JFK_USA
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    JFK_USA Gold Member

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    These guys honestly don't get it. I am all for wealth, but their is wealth, then there is unneccessary excessive wealth. You have to eventually put a cap on it, there is only so much money out there. If they continue to get more and more, none will be left and we are a third world country.

    Stop using credit cards, don't buy houses, don't give any more money to anymore bankers.
     
  3. DiamondDave
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    DiamondDave Army Vet

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    Funny JFK... I don't see you calling for a cap on athletes, actors, musicians, lottery winners, gamblers, etc
     
  4. Mr Clean
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    Mr Clean Gold Member

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    Money for nothing . . .
     
  5. Oddball
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    Oddball BANNED Supporting Member

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    Awwwww....Ain't that too goddamn bad?

    BTW, the tax code is structured so that it's better to take the bulk of your compensation in bonuses, rather than salary.

    Still, the politics of avarice and resentment will march on, as long as there are covetous little progressive/Fabian snivelers in the world.
     
  6. martybegan
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    martybegan Gold Member

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    This is great for NYC's economy, as well as the NY suburbs. Resturants will be crowded, car sales will increase, people will be able to pay thier mortgages and property taxes.
     
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  7. Wry Catcher
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    Wry Catcher Platinum Member

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    No cap, simply a return to the progressive income tax schedule pre Ronald Reagan.
    It is generally assumed that we are taxed too much, and if all taxes and fees are combined that assumption seems pretty accurate.
    Yet the Republicans and tea party types simply focus on income tax. Why? I suppose because the purveyors of propaganda - Murdoch and his minions, Limbaugh and the Republican leadership - hammer the idea over and over and over.
    It is the hoi pollio who subsidize high salaries: Costs continue to grow as business and industry does everything they can think of to increase profit - customer service is at best an afterthought. Tickets to a ball game, a movie or a stage play funnel dollars from the wage earner to the millionaires.
    How many people do athletes, actors, musicians and banksters earning high salary and bonuses each year employee?
    Keep on doing this same thing and soon we will no longer have a middle class, with the cost of college becoming beyond the means of the typical American Family, the annual rise of health insurance, and the constant increase in local fees we are on the road to a nation of haves and have-nots.

    And no amount of personal liberty puts food on a plate, clothes on a back or a roof over ones head.
     
    Last edited: Dec 14, 2010
  8. martybegan
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    martybegan Gold Member

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    Our tax structure is already progressive, but probably not progressive enough for you, which is fine.

    The issue with our tax structure now is the complexity, with far to many layers, Federal Income taxes, State Income Taxes, Property Taxes, Sales Taxes, payroll taxes. Since it is all spread out one does not see how much one is truly giving to the government.

    The issue I have with raising taxes on a small minority is that basically you are doing a form of taxation with inadequate representation. Sure, the majority will support a tax increase on someone other than themselves, it is simple human nature. But in the end how does funneling more money to the government help that person directly? Unless thier taxes go down, or they basically get a check it really does not.
     
  9. Claudette
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    Claudette Gold Member

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    If the Boards of Dirctors and stock holders want to pay big salaries thats up to them.

    I sure can't figure out why anyone would care what someone else makes in the way of salary.

    Actors and athletes make big bucks. Don't see anyone giving a shit about that.

    Oh wait. I forgot. Its the "evil" bankers. Never mind. Jeeze.
     
  10. Wry Catcher
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    Wry Catcher Platinum Member

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    I'll answer your question, first, with a question. How does funneling middle class dollars to millionaires help getting our economy moving again?

    The enormous wealth of the few is basically subsidized by the many. Consider the taxes you mentioned. If millionaires and billionaires were taxed by the schedules in effect in 1980 more revenue sharing dollars would return to the states, reducing the states, local communities and special districts the need to raise fees and taxes. More money will be available for wage earners to pay for college, go to movies, eat out and enjoy life - in short stimulating the economy.
    McConnell, Boehner, Murdoch, Limbaugh are all wealthy - surely they all earn over $250,000 per year. How many f/t employees do they employ?
    Cut taxes for the American Family, they will put money back into the economy - and the economy will grow. More jobs = more income tax revenue and government at all levels able to finance rebuilding our infrastructure, creating more private sector jobs.
     
    Last edited: Dec 14, 2010

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