Who's Afraid of the End of Bush-Era Tax Cuts?

by Derek Loosvelt | December 06, 2010

Bankers and traders at Goldman Sachs, Credit Suisse, JPMorgan Chase, Citigroup and Bank of America Merrill Lynch, of course.

These guys and gals stand to pocket tens of thousands of dollars fewer if the highest personal tax rate in the land of the free and home of the brave rises from 35 percent to 39.6 percent (about $46,000 fewer per million-dollar payout).

This is why many banks are considering paying employees before the end of the year, just in case the Bush-era cuts are not extended. And it appears that at least a few firms are waiting to see what "the canary in the coal mine" will do. That is, to see when Goldman Sachs (which "often announces its top executives' bonuses before other firms, and the richness of its payouts sets the tone across the industry") decides to hand out its millon-dollar paychecks and stock awards. (NYT)

Filed Under: Finance


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