When the late union labor leader Samuel Gompers was asked what organized labor wants, his answer was a single word: more.
When the government taxes, that’s all it wants too. The death tax was implemented to pay towards WWI – and still exists today. Pennsylvania implemented an 18% tax on alcohol to pay for the damages from the 1936 Johnstown flood… and their citizens still pay it today.
Liberals today say they want taxes for the rich – but that’s just where they’re getting started.
Democrats in the House and Senate have proposed new legislation aimed at ensuring that companies pay taxes on “excessive” employee pay.
The bill, from Rep. Lloyd Doggett, D-Texas, and Sen. Jack Reed, D-R.I., is meant to stop senior employees from getting huge bonuses that their companies can deduct from their corporate tax bill each year.
Under current law, companies can deduct employee salaries from their taxable income as long as those salaries don’t exceed $1 million per year. Democrats say companies are getting around that limit by paying out millions in bonuses that they also get to deduct from their tax bill.
Doggett said the bill would require companies to pay taxes on those millions in bonus awards.
Reed said the bill would still let companies pay employees as much as they want, but it would force them to pay taxes on all compensation above $1 million per year per employee.
This legislation is ultimately pointless, as companies can simply pay larger salaries to compensate for a lack of bonuses as a result of the legislation. But it just goes to show how desperate liberals are to get some extra revenue, no matter how implausible.