Legal Commentary

Should Rich People Pay More In Taxes?

By Big Tent Democrat

Goldman Sachs earnings:

Beset by accusations of securities fraud, Goldman Sachs nevertheless showed Tuesday that it was still very good at what it does best: making money. Earnings for the Wall Street giant rose 91 percent in the first quarter of 2010, to $3.46 billion [. . .] In addition, Goldman said it had set aside 43 percent of revenue in the first quarter for employee salaries and bonuses, down from 50 percent for the period a year ago.

(Emphasis supplied.) Let's do the math 0.43 X 3.46 billion = $1,487,800,000. [NOTE: The article states that 43% of revenues was set aside,which actually amounts to $5.5 billion set aside in compensation.] FOR ONE QUARTER!! To put this in perspective, you know that huge progressive win Chris Bowers at Open Left likes to talk about in the health bill? The money for community clinics? Well, the money to be spent for community clinics in one year is $478 million LESS than Goldman bonuses in six months (more likely, given my mistake between revenues and earnings, the amount paid to Goldman employees exceeds by more than double the amount spent yearly on community health clinics, the "great progressive victory" of the health bills).

Maybe, just maybe, the rich can afford to pay a few percent of the money the get to help sustain a government that saved their bacon. Just a thought.

Speaking for me only

Full post as published by TalkLeft on April 20, 2010 (boomark / email).