Christian Science Monitor: Obama is right to take on the very rich

[marmar]

Obama is right to take on the very rich
They're paying far less of their incomes in taxes than average Americans.

By Chuck Collins and Sam Pizzigati
from the February 24, 2009 edition


Boston and Washington - We've seen, in recent weeks, an outpouring of public outrage over the mega millions that keep flowing – despite the escalating economic meltdown – into the pockets of America's top bankers and corporate executives.

"I'm angry," Sen. Claire McCaskill (D) of Missouri told her Senate colleagues late last month, as she introduced a bill to cap pay for bailed-out CEOs at $400,000 a year. "Wall Street (is) kicking sand in the face of the American taxpayer."

"I will not tolerate it," President Obama added a few days later, as he announced a $500,000 executive pay cap at firms getting substantial bailout dollars.

The amount of money that goes into executive pockets is staggering. So is the amount that comes out of those pockets in taxes: precious little. America's super-rich are paying far less of their incomes in taxes than average Americans who punch time clocks. This is grossly unfair. The good news: Under Mr. Obama's new plan to cut the deficit in half, the very richest Americans will start paying something closer to their fair tax share. ........(more)

The complete piece is at: http://www.csmonitor.com/2009/0224/p09s02-coop.html

[ixion]

1. "It must absolutely not be tolerated," said another Senator, who

introduced a bill to cap salaries at $600,000.

- Keep watching for that cap to rise. ;)