Posts Tagged economy

Jonathan Teller-Elsberg: For a wealth tax: Exhibit A

Posted by on Friday, 13 February, 2009

See Jonathan Teller-Elsberg » Blog Archive » For a wealth tax: Exhibit A.

The idea in this blog post is solid, 24-karat gold. In fat years, the US government can swell the “bailout” fund with taxes on those making the most money through speculation in the market. What Mr. Teller-Elsberg is talking about – 4% – would amount to 4.8 million dollars on the bonuses of the top four recipients at Merrill Lynch before it was sold to Bank of America, for instance. That’s just their bonuses, and that’s only four people.

In lean years, like this one, where the markets are in a tailspin, the bailout fund acts as an insurance policy – which the speculators have been paying up with premiums to insure their activities – and, well, bails out the market to keep credit markets functioning.

Why is it okay for people like me to subsidize the risks taken by these self-styled “Masters of the Universe” but they can’t be forced to pay into a fund to insure their own actvities and risks?? Personally, I’m tired of carrying these guys.