Estate Tax Pyramid Scheme by Robert B. Reich
Before your good senator pulls the plug on the estate tax—and keep an eye on him or her this week and next—consider this: the earnings of nearly everyone used to rise with rising productivity. That’s no longer true. Today’s workers are 24 percent more productive than they were five years ago but their median real earnings have barely budged.
What’s happened to all this extra value? A big chunk has gone to people earning over $1 million a year—mostly CEOs, investment bankers and hedge fund managers. This past year, 25 hedge fund managers each took home at least $130 million. Henry Paulson, our about-to-be Treasury Secretary, pocketed over $30 million. Average CEO pay back in 1966 was 60 times that of the typical American worker. Now it’s 400 times. Exxon’s former chairman just got a thoughtful retirement package of close to $400 million.
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What’s happened to all this extra value? A big chunk has gone to people earning over $1 million a year—mostly CEOs, investment bankers and hedge fund managers. This past year, 25 hedge fund managers each took home at least $130 million. Henry Paulson, our about-to-be Treasury Secretary, pocketed over $30 million. Average CEO pay back in 1966 was 60 times that of the typical American worker. Now it’s 400 times. Exxon’s former chairman just got a thoughtful retirement package of close to $400 million.
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posted by TheFuriousGourmet | 5:01 AM
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