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When President Barack Obama last week announced a $500,000 salary cap on pay for top brass at institutions receiving federal bailout funds, a collective shudder went through the corner offices of Manhattan.
You see, an estimated 75,000 New Yorkers earn more than $500,000 a year, according to 2007 data compiled by the Manhattan Institute, an economic think tank.
******SKIP******
In light of the crusade against seven-figure incomes, Crain's conducted a highly unscientific survey of the typical expenses of a Manhattan banking Brahmin to see how far $500,000 would take him or her. While half a million won't punt anyone to skid row, the results were not pretty.
LIFE ON A FERRAGAMO SHOESTRING BUDGET
INCOME: $500,000
TAXES: $201,070
You’re the top—tax bracket, that is. Washington, Albany and City Hall together
gobble up about 40% of your paycheck.
REMAINING: $298,930
HOUSING: $75,000
Figure $4,000 a month maintenance fees for the Park Avenue co-op and $15,000 a year in property taxes for the second home. Garage: $12,000.
REMAINING: $223,930
CHILDREN: $106,275
Includes tuition at Brearley ($33,025) and a year at Harvard ($52,650). Music lessons, sports teams and tutors quickly add up to another $8,000.
REMAINING: $117,655
CHARITIES: $25,000
Civic involvement is typically part of a top executive’s job description. A common charitable benchmark is 5% of your gross income.
REMAINING: $92,655
SOCIAL: $33,000
Harvard Club dues are $2,000 a year per couple, and Westchester County golf clubs typically charge $16,000; food and entertaining tabs are another $15,000.
REMAINING: $59,655
VACATIONS: $36,000
Three weeks at $12K a week for a family of four.
REMAINING: $23,655
FOOD: $15,000
Groceries for four ($10,000 a year), plus meals out (fancy and kidfriendly) two to three times a week.
REMAINING AMOUNT: $8,655
CLOTHING: $16,700
Total includes two new men’s suits per year at $3,000 a pop.
FINAL: $-8,045
Originally posted by Rockpuck
I actually completely disagree.. capping pay in Capitalism is a Deadly Sin.. you don't dare even utter something so socialist as capping executive pay..
Even when THEY DON'T EARN IT!!!!!
Do YOU REALLY THINK that everybody else in our country should pay THEIR bonuses, when THEIR company, that they were working for, who THEY were SUPPOSE to make money for, end up with a DEFICIT!!!!!
Originally posted by Rockpuck
Bitching and moaning at other peoples success ....
Originally posted by Rockpuck
reply to post by Keyhole
I actually completely disagree.. capping pay in Capitalism is a Deadly Sin.. you don't dare even utter something so socialist as capping executive pay.....
Bitching and moaning at other peoples success, compared to doing all you can to get to the top of the ladder is the definition of Capitalism.. not so any more.. for Uncle Sam will put a ceiling on how high you can go.
I would not be a CEO of an international multibillion dollar corporation for $500k a year, sorry.
This president of ours continues to disgust me..
Originally posted by Rockpuck
...capping pay in Capitalism is a Deadly Sin.. you don't dare even utter something so socialist as capping executive pay..
Those at the top of the industry should always make more then those at the bottom, else Capitalism would fail, and even those at the bottom would suffer.
...When ever some lowly Cubicle Jockey bitches about how much his CEO is making and bitches with extreme jealousy and envy that it causes the gorge to rise in my throat, I have simply ask "why aren't you the CEO then?" ..
Bitching and moaning at other peoples success, compared to doing all you can to get to the top of the ladder is the definition of Capitalism.. not so any more.. for Uncle Sam will put a ceiling on how high you can go.
I would not be a CEO of an international multibillion dollar corporation for $500k a year, sorry.
This president of ours continues to disgust me..
Actually, the CEOs have only themselves to blame. They've milked their companies for all they are worth, and are now reaping the rewards of their greed.
Name me a single person "at the bottom" that makes $500,000 a year.
Apparently, you aren't aware of the incestous relationship that usually occurs in publicly traded companies. Here's how it works. See Bob? Bob (and his buddies) sit on the board of directors for Company A. See Fred? Fred (and his buddies) sit on the board of directors for Company B. Bob Agrees to hire Fred as CEO for millions and millions and millions. Bob also agrees to hire Fred's buddies too. "What's the catch?" you ask? Well, for Fred to get that job, he has to hire Bob and his buddies at Company B. And, he has to pay him millions and millions and millions.
Good. Now the guys at the top are getting to know what it feels like when someone comes along and tells them no. Specifically "No, you can't financially rape this company anymore."
You haven't actually worked with many CEOs have you? CEOs in big companies do comparatively little. They most certainly are not worth the millions and millions that they have been receiving for 20 years or so.
And remember this: If the greedy SOBs had practiced some restraint, instead of being unnecessarily greedy, no one would be yelling to regulate them, would they? Those executives have only themselves to blame.
Originally posted by 44soulslayer
NOW do you understand trickle down economics? It hasn't failed, its just slowed for the minute because those at the top have been battered more than you can even dream of... any idea what its like to lose $25billion in six months?