GM bonuses trickle back to taxpayers
Shame on Chuck Grassley, grousing over bonuses paid to GM employees and management for solid performance in the market. Let’s see, if the company made money, it paid corporate income tax. If it paid dividends, first the government gets dividends on its shares, and then the other shareholders pay taxes on the dividends. Finally, the employees will pay federal, state, local and Medicare taxes on the bonus, which is declared as wages. And the U.S. government still owns its stake in the company, which will be repaid in the future.
Only a U.S. senator could have his cake, eat it, take a bite off everyone else’s cake, and still complain that he didn’t get it all.
Tim Hein
Palatine
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