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View Diary: Lottery Winners Taxed More than CEOs (42 comments)

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  •  Actually CEOS (4+ / 0-)

    and others who are paid with stock based or options based compensation are taxed at the rate of earned income for their tax bracket. I too was under the assumption that this was not the case but was set straight last week by VCLib.

    If they hold a portion of the stock and are paid dividends on it , then it comes in at 23.8% which it's probably  best to hold of criticizing since that was just increased from 15% - a 63% increase

    What will always be a fair target will be the rate of pay as compared to the rest of the workforce.

    Generally speaking, total taxes for 20 Million in a state like New York or CA would be over 10 Million.  In a State like Indiana slightly under 10 Million.

    That's why, getting any increase at the Federal level is going to be like pulling on hens teeth from here on out. It probably won't happen unless we have full on asset confiscation like Cyprus did, but that wasn't an internal decision. That was made in a major fuck-job by the EU and Germany.

    I also highly recommend people go back to the days of Taxes like 70%-91% and see how much was actually collected from high income earners. There isn't a huge difference . Confiscatory tax rates seems to be a far left liberal dream that will never happen here . Talking about it may feel good, but also understand that there are penalty of Liberals who make enough money that they too would fall under a confiscation level tax rate. That means the far left loses important support where it counts the most and that's financially.

    There is just as much a sense of entitlement on the left as there is on the right.

    At some point one has to be realistic about this.
    We have a huge Public Corruption problem.

    Especially when we see things like Lanny Breuer proudly announcing his return to Covington and Burling after a period of less than 30 days after he left the Justice dept for a new salary of 4 Million/year plus return of his Partnership shares which one can be reasonably certain has increased substantially in value while he was gone. The fact that some are treating this as some kind of "new hire" should be brought  down with a large steaming flinging pile of Batshit.

    As far as I could see there was only one diary on it as people had either forgotten that huge scandal, or didn't attach any importance to going back to the same firm that Eric Holder is a partner of, the very firm that came up with the MERS legal structure which was the foundation of so many illegal foreclosures.

     

    “ Success has a great tendency to conceal and throw a veil over the evil of men. ” — Demosthenes

    by Dburn on Sun Mar 31, 2013 at 04:33:46 PM PDT

    •  You are correct about the "confiscatory" rates (3+ / 0-)
      Recommended by:
      johnny wurster, VClib, nextstep

      not resulting in "the rich" paying more.  That's because the system of 70 - 90% top marginal rates (1) kicked in on income that, in today's dollars, would be in the millions a year, and -- more importantly -- had so many deductions and loopholes that only very rich people who were too stupid to have a good tax accountant paid it on very much of their income.  

      Beginning in 1979 the CBO because publishing "effective" tax rates for various income levels.  In 1979, the top marginal rate was 70%, and the top 1% paid LESS in effective tax rates than they did under Clinton, when the top marginal rate was 39.6.  For details on the individual income tax rates, see the SECOND chart here.

    •  Confiscatory taxes are those on wage earners (2+ / 0-)
      Recommended by:
      lostinamerica, unfangus

      who also pay SS, Medicare, sales tax, property tax, etc. while those poor poor millionaires only get to take home hundreds of thousands of dollars a week.

      If the average CEO is making $13mm/year the average wage earner has to work forty hours a week for ten years to make what that millionaire makes in one week. That's five hundred weeks to one week.  

      To call it confiscatory to them is truly a manipulation of the English language. It should be called their PRIVILEGED  COST for living in a civilized country and it's very very cheap for them as they have absolutely the very best modern human civilization has to offer.

      They are benefiting from the labors of millions who built the sanitation systems, airports, roads etc. for them to never have to think about while the millionaires whine about giving the working poor health care or a living SS income (since they've already stolen defined benefit retirement plans from ninety percent of workers). Figures lie and liars figure but the average worker has to suffer daily. Call it what you like but it's the cost of not having it taken from them by force.

      "I freed a thousand slaves, I could have freed a thousand more if only they knew they were slaves" Harriet Tubman

      by BrianParker14 on Sun Mar 31, 2013 at 07:16:39 PM PDT

      [ Parent ]

      •  According to Forbes Mag. (1+ / 0-)
        Recommended by:
        lostinamerica

        Seven in ten of the top 400 were born into that list.
        So called "confiscatory taxes" would never remove them from that list. Those are PRIVILEGED costs of winning the DNA lottery.

        "I freed a thousand slaves, I could have freed a thousand more if only they knew they were slaves" Harriet Tubman

        by BrianParker14 on Sun Mar 31, 2013 at 07:27:34 PM PDT

        [ Parent ]

        •  Right (1+ / 0-)
          Recommended by:
          BrianParker14

          ...because people like Mitt Romney's sons (e.g. Paris Hilton, Kim Kardashian, the Waltons,  etc.) can inherit the first $10 million tax free, but as a bartender I was taxed on ever tip I ever earned (tips are "wages", not "gifts") It's been a constant generational hoarding of the wealth in those 7 out of 10 families you mention.

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