How Does $2.5 Million an Hour Sound?

May 12, 2011 at 4:52 PM Leave a comment

My last post was about unhappy Walmart workers being thwarted in their attempt to form a union.

The average salary for an sales “associate,” a cashier or a stocker at Walmart is between $7,000 and $20,000 per year.  Hold that thought while you read this:

If your job paid $50,000 a year and you stayed at it for 47 years, your tally for a lifetime of work would be $2.4 million. Not bad — but hedge fund hustler John Paulson pulled down that much last year.

John Paulson

Most of us would consider an annual income of $2.4 million to be a windfall, but it didn’t take Paulson a full 12 months of work to pocket his windfall — or one month, a week, or even a day. That’s how much he made an hour. Yes, Paulson could’ve worked one single hour in 2010 and hauled off a paycheck equal to what a typical household gets for a lifetime of work.

Now guess who gets the lower tax rate — the $50,000-a-year family or the $2.4 million-an-hour Wall Street man? Right. Thanks to a loophole big enough to drive an armored truck through, billionaire hedge fund dealers like Paulson escape the usual 35 percent tax rate, instead paying (at most) 15 percent.

That’s more than wrong — it’s immoral. In Washington, Wall Street-backed Congress critters are working fervently to kill Medicare and defund everything from education to environmental protection — all on the grounds that the only way to cope with the growing federal deficit is to bulldoze programs that Americans count on. But look behind that lush hedge over there, and what’ll you find? The 25 biggest hedge fund dealers who took $22 billion in pay last year. If just these 25 guys were taxed at the 35-percent rate, Congress would have an additional $4 billion this year to use for filling the deficit hole, rather than gleefully throwing sick seniors into it.

Republicans are doing everything they can to make life even better for people like Paulson and worse for us working stiffs, i.e., such as making it impossible for us to unionize to try, TRY to improve our lot in life.  They think we’re asking for too much and we’re just too darn uppity.

About these ads

Entry filed under: Corporatocracy, Dumbed Down, Education, Fascist America, Financial Crisis, Our Tax Dollars, Repression, Republicans, Including Wingers & "Moderates", They Think We're Idiots/We ARE Idiots, Unions, We the People. Tags: .

Walmart Hiring Spanish-Speaking Union Buster How Republicans Screwed Us Today — 5-12-11

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Follow Me On Twitter

Categories


Follow

Get every new post delivered to your Inbox.

Join 1,227 other followers

%d bloggers like this: