High paying bonuses are important…according to New York Governor David Paterson. Wall Street and its bonuses account for one-fifth of New York’s taxable revenue. For a bit more background, see New York’s economy
has long been dominated by financial companies. Last year, they paid $33.2 billion in bonuses, with the average employee collecting $180,420 in bonus pay, according to the state comptroller. The 2007 total was down 2 percent from the record $33.9 billion set the previous year…
David Paterson said on Monday, estimating that each 10 percent reduction in bonus pay costs the state $350 million in tax revenues….
Last year, they paid $33.2 billion in bonuses, with the average employee collecting $180,420 in bonus pay, according to the state comptroller.
The population of New York is approximately 19 million.
A very small percentage of that population carries one-fifth of the tax revenues.
The implications are enormous, not only for what it says about the distribution of wealth but also for what it says about who is about to pick up the tab….to say nothing about the what it says about the difficulties New York is about to experience.
“This has finally confirmed to me that flying saucers have landed and that people from outer space are in our midst, influencing policy,” he said
Is anyone surprised?