During this financial crisis, we've encountered countless people whining about the evil, filthy rich. Wealth envy has really reared its ugly head. For all those callers who call up and complain about corporate bonuses, here's a little something to consider.
The state of New York is going to lose $1 billion in tax revenue this year. Any guess as to why?? That's right .. cash bonuses to Wall Street employees decreased by 44% in 2008.
When it comes to the city of New York, employees brought home $18.4 billion in bonuses last year. Sounds like a lot .. until you realize that the year before, they brought home $33 billion. That is going to cost New York City $275 million in tax revenue.
An analysis by the State Comptroller Thomas DiNapoli says that this is the largest tax revenue percentage decline in over 30 years. Before the financial crisis, tax revenue from those evil, greedy rich people on Wall Street accounted for 20% of the state's tax revenues and 12% of New York City revenues.
But you go ahead and call up and tell me what a terrible person I am because I dared to defend the concept of corporate bonuses. Go ahead .. I'm standing by for the hate mail.
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