Saturday, February 7, 2009
Sign Me Up For the Sinhababu Tax Plan
With the news (via AmericaBlog) that GS will pay back the government early to avoid "[c]ompensation restrictions and certain capital requirements" (read: they want to re-open the casino and have their employees get rich off of it) and CEOs like Reed Hastings (of Netflix) saying we should raise their taxes, the Sinhababu tax plan—instituting high top marginal rates to force even the highest-paid employees to work for long-term rather than short term success—is sounding more and more appealing to me. The UK currently has a top marginal rate of 40%, and Canada's is 29% (!!), so we will have to figure out how to stop every corporate HQ from moving to Toronto if we jack the top rate to 55%. But it would be a start.