"House Backs Limits on Pay to Executives" Apart from whether you agree with this, my question is, can Congress write a law that corporations with high paid tax and accounting consultants, can't find a way to get around? There most likely will be unintended comsequences.
The problem with this bill as I understand it is that it applies broadly to all institutions, when it should be limited to "too big to fail" institutions. What they really ought to be doing is putting Glass-Steagall back in place, but they won't because Barney Frank is a puppet of the big banks.
They should institute a special tax on financial services workers, anyone who works in IB, M&A, trading, back office, mgmt etc.in a bank will see their top bracket go to, say, 85% for the next 5 years. Not complicated , why aren't they doing it ?
All the govt. needs to do are two things.... 1) Establish a 15% C tax.... 10% State....5% Fed..... by State mandate only Eliminates the IRS Eliminates useless govt. programs Eliminates all other taxes Enables manufacturing to be established Eliminates the 2 party lobbyist system replaced per state mandate 2) Establish a non-gameable, nontaxable securities exchange with relevent regulations.... Such an exchange enables true universal accounts Such an exchange would be supported by a fact based information system via WIKI....all of the current rating agencies would be eliminated.... All orders would have a one second minimium....and there would be no dark pools or internal matching.... ................................................................................... The enactment of the above would cure US ills.... The US could compete head on with BRIC Wealth distribution by merit would be established Most importantly....sustainable private businesses would be formed.... ................................................................................... Currently....for whatever reason the US has elected to implode.... Here is how.... Simple speak.... Before there was a $70 Trillion economy.... Over $30 Trillion was removed.... Another $14 Trillion is in the process of being lost by govt. imposition in wasteful, nonsustainable programs.... This leaves $26 Trillion vs a previous $70 Trillion economy.... This does not include dollar devaluation.... If this is not "economic implosion" what is ....?
I think they have it all wrong. What they should do is increase the compensation for the House and Senate. Maybe this way the government would attract intelligent people, not the left behind morons that are in there now. Our government is full of people who were not able to make it in business but still have an ego. This is a dangerous law. If there were a cap on what you could make trading would you still take the same risks? If after you made $1m trading your taxes went up would you take the same risks?
.................................................................................. There should not be a house and senate.... The number 1 reason.... It does not work.... The reason the US is where it is today is largely because of them.... THEY are the problem.... ................................................................................... State mandates only....and the post above.... .......................................................................................
libertad wrote ""1) Establish a 15% C tax.... 10% State....5% Fed..... by State mandate only Eliminates the IRS Eliminates useless govt. programs Eliminates all other taxes Enables manufacturing to be established Eliminates the 2 party lobbyist system replaced per state mandate 2) Establish a non-gameable, nontaxable securities exchange with relevent regulations.... Such an exchange enables true universal accounts Such an exchange would be supported by a fact based information system via WIKI....all of the current rating agencies would be eliminated.... All orders would have a one second minimium....and there would be no dark pools or internal matching...."" I'm ready!