Forum Post: Tax Wall Street and Fat Cats
Posted 13 years ago on Oct. 14, 2011, 7:08 a.m. EST by Nazia
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We should demand that the government should:
Withdraw tax exemption to the overseas income of corporations because this moves jobs out of America. Currently, the overseas profits are taxed only when they are repatriated.
All personal incomes over $1 million should be taxed @ 40%
The incomes of all executives at the Wall Street should be capped @ USD 500,000 for the next three years.
All tax exemptions granted in respect of compensation earned by partners of venture capital and private equity firms should be withdrawn and the compensation including their share of profits should be taxed at normal rates
This will encourage them to switch their headquarters to overseas moving more jobs and more taxbase out of the US.
The effect will be having less millionaires.
Wall Street would collapse within months resulting in a prolonged depression.
Venture capitalists face enough risk already, reducing the reward would simply decrease investment in new technologies and ideas.