Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘bonus’

Your Tax Dollars At Work: Taxpayers Subsidize CEO Pay, Here’s How #BonusLoophole

Posted by Warm Southern Breeze on Saturday, September 3, 2016

Executive Excess 2016: The Wall Street CEO Bonus Loophole

This 23rd annual report reveals how taxpayers are subsidizing financial crisis windfalls.

By Sarah Anderson and Sam Pizzigati, August 31, 2016

CashingInOnTheCrisis-Graphic-1-1This report is the first to calculate how much taxpayers have been subsidizing executive bonuses at the nation’s largest banks.

The study focuses on a 1993 Clinton administration reform that was intended to rein in runaway CEO pay by capping the tax deductibility of executive compensation at $1 million. But the new rule included a huge loophole for stock options and other “performance” pay. As a result, the more corporations hand out in executive bonuses, the lower their tax bill. This perverse incentive for excessive compensation has been a major factor in the explosion of CEO pay.

The financial bailout program closed this loophole for recipients, but only until Read the rest of this entry »

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You Wall Street Mother Fucking Sons of Bitches!

Posted by Warm Southern Breeze on Thursday, December 17, 2009

Brian Williams has reported Thursday, December 17, 2009 on the NBC Nightly News that,

New York state finance officials said today Wall Street is on track to shatter all profitability records this year.

Profits came in at just under FIFTY BILLION dollars

– that’s profit for the first three quarters of 2009 –

and that is much more than was expected for the entire year,

and a stunning TWO-AND-A-HALF times more than the previous record set back in the year 2000.

Bonus payments for bankers and traders could be as much as FORTY percent HIGHER than last year.”

Download the New York State Comptroller‘s report – Review of the Financial Plan of the City of New York, December 2009,  Report 16-2010, by Thomas P. DiNapoli, New York State Comptroller –  here:

http://www.osc.state.ny.us/osdc/rpt16-2010.pdf

See NBC Nightly News video here:

http://www.videonewslive.com/view/404951/video_wall_street_sees_recordbreaking_profits

-AND-

here:

http://www.bing.com/videos/watch/video/wall-street-sees-record-breaking-profits/60a1dyr


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Veteran’s Day 2009

Posted by Warm Southern Breeze on Monday, November 9, 2009

I’m proud to have served my nation in the uniform armed services, having done so voluntarily. I think every young American should do similarly. And, I believe our nation should provide significant benefit to those whom so choose.

Some years ago, I envisioned what I called a “234 Plan,” which would:

  1. Double pay grade for two years up to pay grade E-3 for initial enlistees;
  2. Require a minimum of Four Years of service;
  3. Pay for four years of higher education, up to and including Ph.D., with the ability to transfer benefits to first-degree relatives;

and perhaps most importantly,

4. Provide such income as federally Tax-Free, forever.

At current pay rates, that would be slightly under $76,000 for a period of two years at pay grade E-3 – not a bad nest egg. And then, there’s the 30 days paid vacation, head-to-toe health care, incentive/bonus pay for skills, BAH (basic allowance for housing), and a host of other remunerations and fiduciary potential – all of which are added to Basic Pay, thereby increasing take-home pay. Potentially, managing money wisely, a young enlistee could emerge from a four year commitment with very nearly $125,000 in pocket, VA health benefits, GI Bill benefits, and more.

The money could be used wisely, or squandered. But the principle would forever be federally tax-free – and I think it should be at the state level, as well. It’s well known that young enlistees have high levels of “disposable” income. But WISE fiscal management could yield significant benefits to them individually, and by extension, to our nation.

Part three of the plan I envisioned – higher education – was implemented when President Obama signed the Post 9/1 G.I. Bill, providing the most comprehensive expansion and provision of educational benefits our troops have received since F.D.R.’s presidency.

I recollect a report entitled “Young Virginians: Ready, Willing, and Unable to Serve,” having read and saved it September 2, this year. It was authored and advised by an impressive cadre of Generals, Admirals, field-grade officers, and senior executive NCOs, from all branches of the service, and “supported by the Pew Charitable Trusts, and Pre-K Now, campaign of the Pew center on the States.”

Interestingly, NPR has only recently reported on it.

The problems the report addresses are from a thorough examination of Virginia, though it’s findings can be extrapolated to the United States at large.

According to the report, the three greatest problems disqualifying American youth from service to our nation include:

1.) Criminality – felony and serious misdemeanor offense;

2.) Education – failure to graduate high school, and low achievement in reading & math, 30% unable to pass the Armed Forces Qualification Test; and

3.) Health – specifically obesity, although asthma, eyesight, hearing, mental health, ADHD and additional health problems factor in, thereby disqualifying over half of all young adults.

Additional disqualifiers include single custodial parenthood, and drug or alcohol abuse.

These are all social ills.

Mission: Readiness – Military Leaders for Kids is a bipartisan, nonprofit, national security organization of more than 80 retired generals and admirals,” whom “accept no funds from federal, state, or local governments,”  and “call on all policymakers to ensure America’s security and prosperity by supporting interventions proven to help America’s youth succeed academically, stay physically fit, and abide by the law. Pre-K Now collaborates with organizations and policy makers to lead a movement toward high-quality, voluntary pre-kindergarten for all 3- and 4-year-olds.”

In recent political history, social programs have been an “easy target” for many of the Republican stripe whom have seriously reduced or eliminated such programs’ funding, effectively or outright killing the very programs that could have done much to have prevented these anathemas.

Ironically, prison construction and maintenance is a capital expenditure. And of all the world’s nations, ours has more incarcerations per capita than any other, having exploded (doubling 2.5 times) since 1980 (though incarcerations remained relatively stable since 1920, according to the U.S. Department of Justice).

How’s that THAT for the so-called “Reagan Revolution?” It sounds more like a “Contract on America” rather than “with America,” to me.

Wonder why no more.

Governance is much more than infrastructure expenditures, and military readiness includes a strong social component.

Our Constitution calls it providing “for the common defense,” by promoting “the general welfare,” to “secure the blessings of liberty.”

Healthcare is an integral and unequivocal part of that equation… as we can now painfully, and plainly see.

I suppose it would be apropos and germane – though perhaps trite – to conclude with a line from advertising: “You can pay me now… or, pay me later.”

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