A relative handful of Americans, a key congressional panel forecasts, will take home more this year than half the nation’s taxpayers combined.
Would a stiff tax on banker bonuses blunt Wall Street profiteering — or let the vast majority of America’s wealthy off the hook?
The White House pay czar isn’t reforming Wall Street. He’s cutting deals with it. We need to understand the difference.
All the big banks in the Netherlands, pressed on by the Dutch finance minister, have agreed on a serious plan to restrain banker bonuses. And now the Dutch want the rest of the world to sign on.
Remember that $500,000 pay cap for bailed-out banking executives the White House announced back in February? Under Treasury Secretary Tim Geithner’s new rules for bailout pay, that maximum has become a minimum.
The awesomely affluent of high finance, if current trends continue, seem almost certain to survive the mess they’ve created — with their wealth and power largely intact. And Treasury and Congress don’t appear to really mind.
Lawmakers in the House, with their vote to tax bailout bonuses at 90 percent, have taken a
first step to real tax progressivity. But America’s rich, amid the AIG uproar, are still enjoying bargain-basement tax rates.
Our new White House has begun a counterattack against America’s grand divide between the rich and everyone else. But we face, new stats from the IRS make clear, a dramatically uphill battle.
A wave of chief executive pay cuts is washing across Corporate America. So are CEOs suddenly hurting — or turning hard times into still more good times at the top of the corporate ladder?