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Home Publications Blogs Beat the Press CEOs Will Make Millions if Bush Tax Cuts for the Wealthy are Extended

CEOs Will Make Millions if Bush Tax Cuts for the Wealthy are Extended

Friday, 19 October 2012 06:53

This little factoid would have been worth including in a front page Washington Post news article reporting business executives' expressed concerns about the end of the year budget situation. The article tells readers that the executives warned of dire consequences, including another debt downgrade and higher interest rates on government bonds, if the budget situation is not resolved quickly. An early resolution is more likely to leave the Bush tax cuts for the wealthy in place, since it would be easier politically to extend them before the end of the year than to reinstate them after they expire on January 1.

Since these executives have a large personal stake in how the tax battles are resolved it would have been appropriate to remind readers of that fact. It is possible that this could influence what they say on the topic. The Post would usually make a point of noting much smaller and more indirect conflicts of interest.

Comments (4)Add Comment
Bonuses paid in January
written by Timing Is Important, October 19, 2012 1:45
Since the majority of executive income is in the form of bonuses, and they are typically paid in mid-January, they really ARE facing a fiscal "cliff". If they are going to extend these cuts for another year, it would be best wait until February to allow the capture some of this revenue happen first :)
written by david j michel jr, October 19, 2012 5:48
I am not rich, but all the jobs I have ever had were provided by the wealthy.no community organizer,communist,anti-colonialist gave me a job.so why are so many liberals demonizing the job providers.
written by S. D. Jeffries, October 19, 2012 11:14
I seem to recall articles from a couple days ago recounting reports from the White House saying that the president is threatening to veto any budget bill put before him that does not raise taxes on the highest earners. None of the articles I read specified whether repealing the Bush tax cuts on everyone making over $200,000 ($250,000 couples)/year would satisfy the requirement, but apparently the plan is to let all the tax cuts expire then go back after the new congress is seated and seek new cuts for those making under $200,000. I can't believe this country is having such a collective heart attack about raising the top marginal tax rate by a paltry 4-1/2%. Chances are the Republicans will insist that income amount be raised to a million dollars or more as a "compromise." The only people opposed to the hike in the top rate are either the self-proclaimed Masters of the Universe or those who are afraid of them.
written by David, October 20, 2012 1:35
Anti-colonialist? You forgot soshulist.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.