There's A Loophole That Forces Taxpayers To Fund CEO Bonuses
Submitted by: lalapancakes⚫ 5 months ago
The world watched the U.S. essentially award all the asshole bankers who tanked the economy with continued and profitable job stability. And over the years many of those bankers went on to take gratuitous raises. Those raises went on to somehow, not only be comically massive, but also tax free. So basically, not even a decade after crumbling everyone’s saving accounts and housing investments, these same asshole bankers screwed the American tax payer over, again! Thankfully, the American voter is informed as fuck and voted for the right “anti-establishment” team to handle anymore of this kind of corrupt monied bullshit going forward, should it arise. /sarcasm
Between 2012 and 2015, the top five executives at the top 20 banks were paid a total of $2 billion in performance-based bonuses. Had these bonuses been subject to taxation at the standard 35 percent rate, the U.S. Treasury would have collected $725 million in tax revenue during those years. This amounts to roughly $1.7 million per executive, per year, in lost tax revenue. That $725 million makes up roughly 41 percent of the U.S. Securities and Exchange Commission’s requested budget of $1.781 billion. IPS also calculated that the $725 million in tax dollars lost to performance-based bonus write-offs could have hired 9,000 elementary school teachers.