Look at the article below and see how much more Social Security would benefit the working guy if we just taxed Blankfein's huge salary and bonuses:
Fiscal Cliff Primer: Should Congress Take Social Security Advice From Bailed-Out Goldman Sachs CEO Lloyd Blankfein?
By Zach Carter and Jason Linkins - Huffington Post
. . . .
Taxing Blankfein's 2011 salary and bonus would yield $606,347.60 for Social Security, or 41.1 years worth of average benefits. Given that the life expectancy of American men who reach age 65 is currently 83.1 years, one year of Social Security taxes on Blankfein's full salary and bonus could fund the entire retirement benefit for two men and an additional decade of benefits for a third worker.
If Blankfein's total 2011 compensation of $16.1 million -- including the $2 million salary, the $3 million bonus and stock awards worth $10.7 million -- were subjected to Social Security taxes, it would yield enough money to fund the full retirements of eight workers, plus an additional 5.6 years of benefits for a ninth retiree.
Read the whole article here
2 COMMENTS:
Goldman SUCKS he has a lot of nerve after WE Bailed him out! Social Security doesn't add a dime to the deficit it is entirely self funded by people/employers. It angers me to no end that they act like it is a Welfare Program the only way it is an Entitlement is people are Entitled to get back the money they paid in! I don't see Congress or Federal Employers giving up the pension plans we pay for.
Read this about Buffet and how bailing Goldman out we bailed him out he's another one the Buffet rule would not have affected him because he hides his money in Gates Tax Exempt Foundation. In other words his call for more taxes was just a Scam that would affect others but not him. The Billions he left his children also in Charitable Foundations that they will make $90 Million a year to run! Why doesn't obama call for these Crony Capitalist friends of his to actually pay something by closing those loopholes?
Buffett’s Betrayal
http://blogs.reuters.com/rolfe-winkler/2009/08/04/buffetts-betrayal/
Implementing Warren Buffett's Gift
http://www.gatesfoundation.org/about/Pages/implementing-warren-buffetts-gift.aspx
How Buffett Saves Billions On His Tax Return
http://www.forbes.com/sites/greatspeculations/2011/08/17/how-buffett-saves-billions-on-his-tax-return/
Warren Buffett Is A Punk
http://techcrunch.com/2012/05/12/warren-buffett-is-a-punk/
Third Way Document Proves Democratic Party Supports Institutionalized Looting by Bankshttp://www.nakedcapitalism.com/2011/07/third-way-document-proves-democratic-party-supports-institutionalized-looting-by-banks.html
Once again, thank you LiberatedCit for all your important links.
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