So, of course, Biden is going to push for them, of course starting them out to first to be imposed on the wealthy.
The Detroit News: Biden: Ban deductions for firms paying executives more than $1 million
This would be on top of the already existing rule that bans the deduction for amounts over 1 Million. Or, maybe, Biden et al don't even know what the current law even is right now. Or, they decided to push for some class warfare knowing most people don't know about the current law either.
Look, if a company wishes to pay its execs over a million dollars, that's up to them. The company believes that those execs are providing more than their salaries back to the company as value. If they're wrong then the company's owners can fire them or revisit such salary decisions.
This may also cause top execs to go to other countries like in Europe where they can be compensated more. So, let's get a brain drain going 'cause that will sure help the economy. Not.
We will also note that some non-profits have also paid their top execs over $1 million as well, and since they don't pay taxes at all, one would think that would be more offensive.
On top of proposing to pass an already existing law, there's going to be even more class warfare being pushed:
Biden is going further in his calls to tax the wealthy, endorsing a new minimum tax proposal on corporations and a new tax on corporate jet travel.
Well, get ready for more unemployed jet pilots and aircraft companies if he punishes corporations for using corporate jets to get their people to places more efficiently.
Class warfare and damage to the economy the Democrat way - great for the progressive base, not so good for anyone else.
2 comments:
I am reminded of Lee Iacocca and how he turned Chrysler around. And of course other executives who went into a badly performing company, and because of their leadership turned the company into a huge earner for it's shareholders. If an executive turns a company from a 1 billion dollar valuation, in danger of bankruptcy, and makes it worth over 5 billion dollars, I do not think it is wrong to reward that executive with a very large compensation package.
pigpen51: Yep, if the C-suite brings that kind of value they should be properly paid for it. If they don't, they should be shown the door. The company is the one paying and that shpuld be up to them as they beenfit or suffer as the case may be. That of course is unlike government salaries, where it's the taxpayers and not the government that is footing the bill.
Post a Comment