Executive PayWatch 2010

When you hear Republicans whining about their "hard earned" income being taxed, do you ever wonder how much the very rich are really suffering?  The AFL-CIO has created Executive PayWatch to document some of the most obscene cases of corporate executive compensation, offering details on how the compensation was given (salary, bonus, stock awards, etc...) as well as how their compensation compares with that of the average US worker.  At the top is Aubrey K. McClendon, who made $100,069,048 in 2008, including a $77 million bonus and $20 million in stock awards.

Even more hideous, case studies of finance executives show how these billionaires take taxpayer bailout money and personally lobby against financial regulation and how their companies lobby against reforms like allowing judges to modify mortgages and taxing securities.  It would seem that Wells Fargo, for example, has tens of millions of dollars to give to its executives in bonuses, but can't afford to modify a mortgage in a working class neighborhood.

One aspect of executive pay is how ridiculous the taxation system in the USA is, where all people making more than $373,651 are taxed at a maximum of 35%.  And this is just the federal income tax.  Many states have taxation systems that are even more backward and regressive.  Washington State has no income tax and relies on sales taxes and other fees, while in California the "2/3rds rule" for new taxes in the legislature has been shown to cause the poor to be taxed at a higher rate than the rich.  If someone making $100 million were taxed at 99% of her income, she would still make a million dollars that year!

Please visit this website and tell your friends about it, and tell the banks "I am not you ATM!"