“…nine big U.S. banks paid $32.6 billion in bonuses in 2008, while receiving $175 billion in taxpayer funds. In the first half of this year, Goldman Sachs Group Inc. has already boosted compensation and benefits by 33%, setting aside a record $11.4 billion for such payments. And Citigroup and Bank of America have just formally asked the government’s permission to pay bonuses to their most senior executives…”
“…Congress can do much more to ensure that companies act more responsibly on executive compensation by taking a simple, straightforward step: eliminating the tax break for irresponsibly high CEO pay…”
“…By eliminating the deduction for any compensation above $1 million, they can simplify the tax code, abolish the taxpayer subsidy for irresponsible compensation and restore bonuses and stock options to their original purpose of rewarding good performance rather than as a means to avoid paying taxes…”
READ MORE @ New York Daily News
