3/19/09

90% tax on execs a good thing

I never thought I'd say that a 90% tax was a good thing, until now. Everyone has heard that while AIG was propped up by billions of taxpayers money, that the execs were actually meeting to decide who amongst them would receive bonuses and how much. Wow. Absolutely stunning and congress is also to blame for not putting something about bonuses in the bailout bill.

But I think some good came out of congress's incompetence and AIG's greed, a 90% tax.

We've heard for years that you can't tax this company and not that one because the execs will follow the path of more money or in this case less taxation but with a 90% tax across the board (for any company taking TARP money), they will have few places to go. Heck maybe, they will actually decide to build these companies for the long term rather than a short term pop just to cash in some stock options!

2 comments:

  1. Anonymous3/19/2009

    This is a great move by congress. Its about time.

    ReplyDelete
  2. Anonymous3/20/2009

    How about 99% tax, that'll teach them a lesson, however the talent will leave Wall Street for London and all stocks will trade as ADR's here, big problem.

    ReplyDelete