Saturday, February 7, 2009

Obama's 99.5% Top Tax Bracket

If you figure $50M as high exec pay, Obama's new $500K salary cap on government-owned businesses works out to a new top tax bracket of only 99.5%, conservatively assuming half of gross pay goes to more taxes.

And why stop there?

Why not return to the original construct of paying $6 Per Diem (subject to appropriate deductions if meals are taken) in total compensation to congressman, the president, and their staffs, when they are in town? The current government Per Diem rate is $3/day for D.C. plus unpaid meal compensation of up to $61/day.

Sounds more than fair to me. Ever heard of service?


  1. 500K? I make about a tenth of that. Look at me. I'm moving up already.

    Thanks President Obongo.


  2. A better idea. You have mentioned this Obama bashing piece without mentioning that the cap has been placed because it is actually taxpayer money, not bank money. Otherwise, you sound as if you are looking for anything you can find to punch him. If only you were so vocal against Mr Bush, the biggest spending president of them all.

    I guess Obama doesn't give a damn what people earn, but when those earnings are rewarding failure with our tax dollars, then he has a good point to show interest.

    Indeed, why don't we take away the bailout money the banks have received from our taxes, and let them swim on their own. Then they can pay themselves whatever they wish.

    But i do agree with you that politician salaries should be drastically reduced. The government was built on service. Now, we seem to have a system of "professional" life time politicians, who as a result want to have big salaries. I say, get rid of their salaries. It should get rid of lifetime politicians.

  3. I've been a lot more vocal about Bush, but he's not the current criminal in chief. There is only one party, and that party is deeply corrupt and cynically evil.

    I wish I could say something good about republicans or democrats, but they are out to hurt the poor - middle class every which way they can loot them. They can't wait to dole out hundreds of billions for $4,000 campaign checks and a chewy steak dinner.

    I have a funny feeling they might get more than they bargained for and sooner than they think.

  4. "it is actually taxpayer money, not bank money."

    It actually is bank-money since the banks finance the government debt, at 250% interest over the life of the loan, so we can hand over the principle of the loan to the same bankers.

    But you are right... the biggest offense to the Constitution isn't the 99.5% tax rate, rather that government has gone into massive bank-financed debt to nationalized banks in accordance with the political-industrial complex of corruption they've created

  5. "it is actually taxpayer money, not bank money."

    taxpayers have no money, only debt obligations.

  6. FDR - How long after the stimulus bill is passed before the market tanks again, in your estimation?

  7. We have a good precedent, it'll start to tank about a minute before it passes.


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