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February 18, 2009

Goldman Sachs

-- by Dave Johnson

Goldman Sachs got $10 billion in bailout money from the Bush admin, and paid $6 billion of it straight out in bonuses to top execs.

Goldman Sachs owns much of Burger King. Full-time workers there are paid about $14,000 a year. If that bonus money had gone to them it would have meant $18,000 each. Instead Burger King workers cost the government an estimated $273 million a year "because workers lack access to affordable employer health coverage, are paid sub-poverty wages, and must rely on publicly-funded healthcare, income support, and food stamp programs."

Posted by Dave Johnson at February 18, 2009 2:46 PM


Comments

You are flashing an MSNBC video of our new AG calling us a nation of cowards. Uhh...do you have any idea what he means? ABC evening news just ran it without explanation...so as to make him look like a race-baiter with serious hangups.

Posted by: Mace [TypeKey Profile Page] at February 18, 2009 4:58 PM

High income earners are paying 70% of the Federal Income tax. But I know you really want that cash.

http://www.heritage.org/research/features/BudgetChartBook/fed-rev-spend-2008-boc-T4-The-Top-10-Percent-of-Income.html

Posted by: Mace [TypeKey Profile Page] at February 19, 2009 3:47 PM

I'm glad that you are paid to come here and post corporate-paid stuff from Heritage. But some FACTS might get in the way.

The PURPOSE of a progressive income tax, in a democracy, is to help redistribute the wealth and equalize the burden of building the infrastructure.

The chart doesn't show what percentage of income they receive. The top 10% starts above $100,000 per year. And when such measurements are given it is always "taxable" income not gross income -- doesn't account for income that is loopholed out and usually doesn't count cap gains which is where most income at the top comes from.

The chart doesn't show what percentage of BENEFITS OF GOVERNMENT they receive. In fact, the infrastructure of government enabled their high incomes to a much greater degree than the rest of us (since we don't get health insurance, vacations, etc.)

High-income people do not pay the 15% Social Security tax that the rest of us pay, which is how the govt paid for the tax cuts for the rich.

Posted by: Dave Johnson [TypeKey Profile Page] at February 19, 2009 4:41 PM

ALSO, FYI, as you know the top 400 people averaged $263 million a year of income each, but paid only 17.2% on the taxable income they even reported. This is lower than a person making $20,000 a year pays.

Posted by: Dave Johnson [TypeKey Profile Page] at February 19, 2009 4:46 PM

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