Sunday, January 19, 2014

The quote of the day... from an opinion piece in the Times this morning, "For the Love of Money," by a former hedge fund trader named Sam Polk (all emphasis mine):

Only a wealth addict would feel justified in receiving $14 million in compensation — including an $8.5 million bonus — as the McDonald’s C.E.O., Don Thompson (above), did in 2012, while his company then published a brochure for its work force on how to survive on their low wages. Only a wealth addict would earn hundreds of millions as a hedge-fund manager, and then lobby to maintain a tax loophole that gave him a lower tax rate than his secretary.

That's truly obscene.*

I agree with Warren Buffett, who said:  

Actually, there’s been class warfare going on for the last 20 years, and my class has won. We’re the ones that have gotten our tax rates reduced dramatically. 

If you look at the 400 highest taxpayers in the United States in 1992, the first year for figures, they averaged about $40 million of [income] per person. In the most recent year, they were $227 million per person — five for one. During that period, their taxes went down from 29 percent to 21 percent of income. So, if there’s class warfare, the rich class has won.

* Thompson also told a 9-year-old girl that McDonald’s isn’t junk food and that he lost 20 pounds last year while eating at the fast food restaurant every day. 

No comments: