Wednesday, October 29, 2008
Why I Support Barack Obama (#2)
Another reason that I support Barack Obama is that I think it’s a good idea for the very wealthy to pay higher taxes. Free market capitalism contains no correction for greed. There is no reason in the world that ExxonMobil needs to clear $44 billion in profits in a quarter. Someone’s going to argue that profits benefit shareholders, but before that person starts, they should go find a copy of any big company’s annual report (that’s SEC form 10-K) and flip to the section on compensation. The number of shares of the company’s stock owned by its executive management and board of directors might strike you as disproportionate. When the CEO makes 400-500 times more than the lowest-paid employee, something is wrong. This country is already quasi-socialist, so the argument that Obama’s plan is socialism is both erroneous and disingenuous. Until the ratio between CEO compensation and lowest-paid-employee compensation comes way down, a tax on the very wealthy is appropriate.