wtax

President Obama needs contract litigators on his payroll
 
States such as NY should withhold 100% of the bonus
payments to Wall Street Executives made in December
2009.  Then remit 55% of those withheld funds over a five
year period starting in 2011 to 2015 inclusive.  This may
be known as deferred compensation.  Most highly
compensated Wall Street Executives are already
familiar with deferred compensation.
  This practice would shore up the collapsed economies
of states such as New York.  The US government can
further support the states by allocating enough returned
TARP funds to cover at least 90% of each yearly remittment    
of those withheld funds thereby relieving the state of less
than 10% per year, or a total of approximately 5% of the
total bonuses paid in 2009. 
  Revisiting such a practice again in 2010 will most likely
be necessary as there are only a couple weeks left in
December of 2009.  Don't blame the messenger.  The
TARP program which allows the return of funds to escape
compensation practices really should have considered the
use of equity positions held by the US government and
prepayments of the TARP funds by those employers of
Wall Street Executives.
  How many of those too good to refuse offers of easy
to afford mortgages had prepayment penalties?
 
 Impacting the families of these executives
by withholding bonuses that were counted
on for finishing that vacation home in time
for the graduation celebration really pales
in comparison to families forced to repair
a cheap van to idle clean enough to pass
inspection and remain registered for
moving from parking spot to parking spot
as they no longer have a home at which
to garage what's supposed to be a means
of transportation, not a place to sleep.  Job
loss and foreclosure should trump bonuses.
 
PS  Reversing current allocation of Federal
Tax spending on states would be appreciated
by residents of those states consistently near the
bottom, such as New York and New Jersey rated here;
 
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